CCC Intelligent Solutions Holdings Inc (CCC) 2021 Q3 法說會逐字稿

Greetings, and welcome to CCC Intelligent Solutions Third Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 CCC Intelligent Solutions 2021 年第三季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, Brian Denyeau from ICR.

我現在想把會議轉交給你的主持人，來自 ICR 的 Brian Denyeau。

Good afternoon, and thank you for joining us today to review CCC's third quarter 2021 financial results, which we announced in our press release issued after the close of the market today.

下午好，感謝您今天加入我們，回顧 CCC 2021 年第三季度的財務業績，這是我們在今天收盤後發布的新聞稿中公佈的。

Joining me on the call are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

CCC 董事長兼首席執行官 Githesh Ramamurthy 和我一起參加電話會議；和 CCC 的首席財務官 Brian Herb。

The forward-looking statements we make today on 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 as available on our Investor Relations website under the heading Risk Factors and the definitive proxy statement prospectus followed by Dragoneer Growth Opportunities Corp. with the SEC on July 6, 2021.

我們今天就公司的業績和計劃做出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風險因素標題下的收益發布和 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進行了討論。

Further, these comments and the Q&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 in the violation of United States copyright and other laws.

此外，這些評論和隨後的問答今天由 CCC Intelligent Solutions Holdings, Inc. 擁有版權。未經 CCC 事先同意，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 United國家版權和其他法律。

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. 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 relating 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.

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。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 財務指標。公司認為，這些非 GAAP 財務措施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. I'm pleased to report that CCC delivered terrific top and bottom line results in the third quarter. I'd like to start by summarizing our financial results. Revenue was $176.6 million, up 18% adjusted for divestiture last year. This was ahead of our guidance and the fifth consecutive quarter of accelerated growth. Adjusted EBITDA was $70.1 million. which represents a 40% margin, up nearly 400 basis points from the third quarter of 2020. This was ahead of our guidance, but higher than we wanted due to some favorable timing impacts related to the ramp of investment in some of our growth initiatives. We plan to continue to invest in our future growth opportunities and the power of our business model allows us to do that while generating high levels of profitability.

謝謝，布賴恩，感謝大家今天加入我們。我很高興地報告 CCC 在第三季度取得了出色的頂線和底線結果。我想首先總結一下我們的財務業績。收入為 1.766 億美元，根據去年的資產剝離調整後增長 18%。這超出了我們的指導和連續第五個季度的加速增長。調整後的 EBITDA 為 7010 萬美元。這代表 40% 的利潤率，比 2020 年第三季度高出近 400 個基點。這超出了我們的指導，但由於與我們的一些增長計劃的投資增加相關的一些有利的時間影響，高於我們的預期。我們計劃繼續投資於我們未來的增長機會，而我們商業模式的力量使我們能夠做到這一點，同時產生高水平的盈利能力。

Overall, our business is performing well and is benefiting from 3 positive trends coming together that are driving demand for our solutions. The first is our CCC cloud platform and the growing demand for this flexible and scalable deployment model. Second is the powerful network effects we are able to create by delivering value to each of the participants across the entire P&C insurance economy. The third is our expanding set of AI solutions that leverage more than the $1 trillion of historical data on our platform. The combination of these 3 trends allows us to innovate and deploy new capabilities relatively quickly and increase sales.

總體而言，我們的業務表現良好，並受益於 3 大積極趨勢的結合，這些趨勢共同推動了對我們解決方案的需求。首先是我們的 CCC 雲平台以及對這種靈活且可擴展的部署模型不斷增長的需求。其次是我們能夠通過為整個 P&C 保險經濟中的每個參與者提供價值來創造強大的網絡效應。第三個是我們不斷擴大的人工智能解決方案集，這些解決方案利用了我們平台上超過 1 萬億美元的歷史數據。這 3 種趨勢的結合使我們能夠相對快速地創新和部署新功能並增加銷售額。

The trend towards digitization, the P&C insurance economy is still in its early stages, providing CCC plenty of opportunity to continue delivering strong growth and profitability going forward. I'd like to spend a few minutes reviewing some of the key highlights from the quarter. First, I'll start by reviewing how our customers are adopting new innovations. Our cross-sell strategy delivered great results in the quarter. In recent years, we have significantly expanded the breadth and depth of our cloud-based product portfolio, which is now providing additional avenues for growth across the business.

在數字化趨勢下，P&C 保險經濟仍處於早期階段，為 CCC 提供了充足的機會繼續實現強勁的增長和盈利能力。我想花幾分鐘回顧一下本季度的一些主要亮點。首先，我將從回顧我們的客戶如何採用新的創新開始。我們的交叉銷售策略在本季度取得了不錯的成績。近年來，我們顯著擴展了基於雲的產品組合的廣度和深度，現在為整個業務的增長提供了更多途徑。

In Q3, we continue to see new business activity trend positively. Many of our customers expanded their use of CCC solutions this quarter. For example, a top 5 insurer who has been a CCC customer for more than 25 years, meaningfully expanded the range of solutions they deployed from CCC as part of a multiyear renewal. In this latest transaction, they'll be rolling out additional solutions, including several of our mobile and traditional solutions. We believe these additional solutions will further enhance customer satisfaction and drive greater efficiency across their claims management workflows. This increase in the number of CCC products they have deployed will then nearly double our revenue from this customer since 2019 when this latest expansion is fully rolled out. It's important to note that even with this significant product expansion, this customer has not yet deployed many products within our AI suite.

在第三季度，我們繼續積極地看到新的業務活動趨勢。本季度，我們的許多客戶擴大了對 CCC 解決方案的使用。例如，作為 CCC 客戶超過 25 年的前 5 大保險公司，作為多年更新的一部分，有意義地擴展了他們從 CCC 部署的解決方案的範圍。在最新的交易中，他們將推出更多解決方案，包括我們的一些移動和傳統解決方案。我們相信，這些額外的解決方案將進一步提高客戶滿意度，並提高其理賠管理工作流程的效率。自 2019 年這一最新擴展全面推出以來，他們部署的 CCC 產品數量的增加將使我們從該客戶獲得的收入增加近一倍。值得注意的是，即使進行瞭如此重大的產品擴展，該客戶仍未在我們的 AI 套件中部署很多產品。

We also signed long-term renewals with 2 other notable insurers, each of which added new solutions, including a suite of CCC smart solutions that embeds AI into their workflows to drive efficiencies. In the repair facility market, we signed a renewal with one of the country's largest multi-store operators, or MSO. As part of this multiyear agreement, this customer increased its annual revenue commitment to CCC for the next several years and has rolled out our Engage solution across all of their repair facilities.

我們還與另外 2 家知名保險公司簽署了長期續約協議，每家保險公司都增加了新的解決方案，包括一套 CCC 智能解決方案，將 AI 嵌入到他們的工作流程中以提高效率。在維修設施市場，我們與該國最大的多店運營商之一 (MSO) 簽署了續約協議。作為這項多年期協議的一部分，該客戶在未來幾年增加了對 CCC 的年度收入承諾，並在其所有維修設施中推出了我們的 Engage 解決方案。

Each of these examples demonstrate the growing number of ways we create value for our clients. This, in turn, powers our growth model that combines best-in-class retention rates with increased adoption of our product innovations over time. Whether it's new AI capabilities, mobile solutions, or applications that seamlessly connect network partners to existing workflows, we have a significant runway for growth with almost every customer we serve and significant opportunity to accelerate their digital transformation objectives. With each of these renewals, we expanded the customer's annual revenue commitment to CCC as they broaden the number of solutions they utilize from our platform. We are pleased our customers continue to select additional solutions from us and believe there are still terrific growth opportunities with each of our customers.

這些例子中的每一個都展示了我們為客戶創造價值的方式越來越多。這反過來又推動了我們的增長模式，該模式將一流的保留率與隨著時間的推移越來越多地採用我們的產品創新相結合。無論是新的 AI 功能、移動解決方案，還是將網絡合作夥伴無縫連接到現有工作流程的應用程序，我們都擁有一條重要的增長跑道，幾乎我們服務的每一位客戶都擁有加速其數字化轉型目標的重要機會。通過每一次續約，我們都擴大了客戶對 CCC 的年度收入承諾，因為他們擴大了他們從我們平台上使用的解決方案的數量。我們很高興我們的客戶繼續選擇我們的其他解決方案，並相信我們的每個客戶仍然有巨大的增長機會。

This leads into the second area I want to highlight, which is our product innovation. We have built an innovation personalization with a passion for solving the most challenging business problems facing our customers. Coupled with the deep trust we have developed, in many cases, over the course of decades, we have great insight into how to prioritize our product development efforts and confidence there will be market demand. We believe we have built the most comprehensive cloud platform in the industry and it is a foundation that enables us to quickly bring to market additional solutions that expand our market and increase the potential size of our relationship with customers.

這就引出了我要強調的第二個領域，即我們的產品創新。我們建立了創新的個性化服務，熱衷於解決客戶面臨的最具挑戰性的業務問題。再加上我們在過去幾十年的許多情況下建立的深厚信任，我們對如何確定產品開發工作的優先順序以及對市場需求的信心充滿信心。我們相信我們已經建立了業內最全面的雲平台，它是使我們能夠快速將更多解決方案推向市場的基礎，這些解決方案可以擴大我們的市場並增加我們與客戶關係的潛在規模。

I would like to provide an update on some of the early feedback on a few of our newer solutions. We are seeing exciting success with our Estimate-STP or straight through processing solution that we released earlier this year. We have received fantastic early feedback from customers and prospects including a recent article I participated for in the Wall Street Journal where the President of USA's P&C division noted that with Estimate-STP, USAA can now provide its first wholly touchless claims offering to its members, a long-standing goal, especially as the storied institution reaches 100 years of service next year.

我想提供一些關於我們的一些較新解決方案的早期反饋的更新。我們在今年早些時候發布的 Estimate-STP 或直通式處理解決方案中取得了令人振奮的成功。我們從客戶和潛在客戶那裡收到了非常好的早期反饋，包括我最近在華爾街日報上發表的一篇文章，其中美國 P&C 部門總裁指出，通過 Estimate-STP，USAA 現在可以為其成員提供其首個完全非接觸式理賠服務，這是一個長期目標，尤其是在這家著名機構明年將迎來 100 年的服務年限之際。

Estimate-STP is designed to provide an end-to-end solution that fully digitizes the estimating process for qualified repairable claims and shortens the estimating process from days to seconds. It links our network of insurers, repair facilities, automakers, parts suppliers and other service providers to deliver a highly personalized digital experience to our customers' policyholders. At the heart of this capability are a range of sophisticated AI algorithms we have developed using $1 trillion of historical claims data as well as 1 billion photos to accurately assess damage, identify which parts need to be repaired or replaced and what is or is not covered by the owner's insurance policy. A second success factor has been the deep integrations we have built over the years from the CCC cloud to our customers' systems and workflows. This has been instrumental to deployment and implementation.

Estimate-STP旨在提供端到端的解決方案，將合格可維修索賠的估算過程完全數字化，並將估算過程從幾天縮短到幾秒鐘。它連接我們的保險公司、維修設施、汽車製造商、零部件供應商和其他服務提供商網絡，為我們客戶的保單持有人提供高度個性化的數字體驗。這種能力的核心是我們使用 1 萬億美元的歷史索賠數據和 10 億張照片開發的一系列複雜的 AI 算法，以準確評估損壞、確定哪些部件需要維修或更換以及哪些部件不在保險範圍內根據業主的保險單。第二個成功因素是我們多年來從 CCC 雲到客戶系統和工作流程的深度集成。這有助於部署和實施。

Four national carriers, including USAA, have deployed Estimate-STP and are actively processing estimates for those claims in a low to no touch manner. The business improvement these carriers are realizing are striking and represent an orders of magnitude improvement. These customers are now able to provide line level estimates from photos and automatically initiate and populate detailed and actionable estimates in seconds. Almost 80% of all vehicle incidents result in a repair. At the same time, these repairs are getting more complex as vehicle sophistication grows. On top of this, the industry is being impacted by a significant shortage of qualified workers. So the need for speed and efficiency of Estimate-STP has never been greater.

包括 USAA 在內的四家國家航空公司已經部署了 Estimate-STP，並正在以低接觸或無接觸的方式積極處理這些索賠的估算。這些運營商正在實現的業務改進是驚人的，代表了一個數量級的改進。這些客戶現在能夠根據照片提供生產線水平估計值，並在幾秒鐘內自動啟動和填充詳細且可操作的估計值。幾乎 80% 的車輛事故都需要維修。與此同時，隨著車輛複雜性的提高，這些維修也變得越來越複雜。最重要的是，該行業正受到合格工人嚴重短缺的影響。因此，對 Estimate-STP 的速度和效率的需求從未如此強烈。

Another area where we are generating good traction is with our diagnostic solution, which provides prepared facilities an easy and effective way to integrate their diagnostics and calibration partners into their operational and financial workflow. Repair facilities need to properly analyze the increasing sophisticated systems in today's vehicles to assess what needs to be fixed as part of their repair process. Additionally, they need to build in standard operating procedures. CCC diagnostics greatly simplifies the process by importing the Diagnostics report and provider invoice, which greatly improves efficiency and creates a better experience for the repair facility, including process compliance and revenue recognition. We are in the early stages with diagnostics, but are seeing strong early adoption with around 5% of our repair facilities currently deployed, including 2 of the top multi-store operators using the solution.

我們產生良好牽引力的另一個領域是我們的診斷解決方案，它為準備好的設施提供了一種簡單有效的方法，將他們的診斷和校準合作夥伴集成到他們的運營和財務工作流程中。維修機構需要正確分析當今車輛中日益複雜的系統，以評估在維修過程中需要修復的部分。此外，他們需要建立標準的操作程序。 CCC 診斷通過導入診斷報告和供應商發票大大簡化了流程，這大大提高了效率並為維修設施創造了更好的體驗，包括流程合規性和收入確認。我們處於診斷的早期階段，但我們看到早期採用率很高，目前部署了大約 5% 的維修設施，其中包括 2 家使用該解決方案的頂級多店運營商。

We also recently released the first iteration of CCC payments, which enables B2B payments through our integration with invoice pay, a payment processing partner. This is an important first step in the rollout of our payment solution, and our early conversations with customers reinforce our belief in the long-term opportunity in payments and the significant value that CCC payments can deliver. We remain confident in the growth potential for payments and are on track with this rollout. As a reminder, this is an important long-term opportunity for CCC but it will not be a material revenue contributor in 2022. Our focus next year is to refine the product and begin to scale customer adoption.

我們最近還發布了 CCC 支付的第一版，它通過我們與支付處理合作夥伴 invoice pay 的集成實現了 B2B 支付。這是我們推出支付解決方案的重要的第一步，我們與客戶的早期對話強化了我們對支付的長期機會以及 CCC 支付可以提供的重要價值的信念。我們對支付的增長潛力仍然充滿信心，並正在按計劃推出。提醒一下，這對 CCC 來說是一個重要的長期機會，但它不會在 2022 年成為重要的收入貢獻者。我們明年的重點是改進產品並開始擴大客戶採用率。

The third area I would like to provide an update on is how we continue to expand our network. We believe we have developed the most comprehensive platform in the market that generates tremendous amounts of data that allows us to extend our reach to emerging areas of the market. This allows us to offer our solutions to a broader array of customers from financial institutions to OEMs and rental fleet providers, among others.

我想更新的第三個方面是我們如何繼續擴展我們的網絡。我們相信我們已經開發出市場上最全面的平台，該平台可生成大量數據，使我們能夠將業務範圍擴展到新興市場領域。這使我們能夠為更廣泛的客戶提供我們的解決方案，從金融機構到原始設備製造商和租賃車隊供應商等等。

An emerging area for CCC is the OEM channel. During the quarter, we added a key domestic OEM as the newest OEM customer and expanded our existing relationships with 2 other OEMs. We now have 13 of the top 15 OEMs as customers on our platform. In August, Toyota announced the launch of its collision assistance app, which is built with CCC's technology and is available within the Toyota and Lexus owners' apps and provides step-by-step instructions on how to navigate the post-collision repair process. We believe this is a great example of the opportunity in the OEM space and the value of the connectivity our platform provides to participants across the auto insurance economy.

CCC 的一個新興領域是 OEM 渠道。在本季度，我們增加了一家主要的國內 OEM 作為最新的 OEM 客戶，並擴大了我們與其他 2 家 OEM 的現有關係。我們現在在我們的平台上擁有前 15 家原始設備製造商中的 13 家客戶。 8 月，豐田宣布推出其碰撞輔助應用程序，該應用程序採用 CCC 的技術構建，可在豐田和雷克薩斯車主的應用程序中使用，並提供有關如何導航碰撞後修復過程的分步說明。我們相信這是一個很好的例子，說明了 OEM 領域的機會以及我們平台為整個汽車保險經濟參與者提供的連接價值。

Another exciting example is our recent announcement with Sedgwick, the leading provider of high-quality auto and heavy equipment appraisal solutions, with a network of more than 1,000 independent appraisers. Sedgwick signed a multiyear agreement to deploy CCC's mobile and AI claim solutions to power its auto appraisal offering and related workflows from first notice of loss all the way to resolution. We launched our total lost care letter pilot program, which is designed to digitize and automate the total loss process from lender payoff requests to letters of guarantee and the entire resolution.

另一個令人興奮的例子是我們最近與 Sedgwick 的合作，Sedgwick 是高質量汽車和重型設備評估解決方案的領先供應商，擁有 1,000 多名獨立評估師網絡。 Sedgwick 簽署了一項多年協議，部署 CCC 的移動和人工智能索賠解決方案，以支持其汽車評估產品和相關工作流程，從第一次損失通知到解決方案。我們啟動了我們的全損護理信試點計劃，旨在數字化和自動化從貸方還款請求到擔保函和整個解決方案的全損流程。

We have multiple top 5 carriers, piloting our lean release solutions, and we have some of the largest auto lenders integrated into the platform. These are just a few examples. In prior earnings calls, we have also discussed signing agreements with large fleet providers or emerging tech-enabled companies like Buckle that are focused on gig economy drivers. What all of these examples show is our ability to leverage our platform to generate more value for the P&C insurance economy and create potential future growth opportunities for CCC. We pride ourselves in taking a long-term view of the market and identify how the needs of our customers will evolve. We plan to continue to make meaningful investments in additional solutions that will deepen our relationships with current customers and make CCC an attractive partner for prospects outside of our traditional insurer and repair facility markets.

我們擁有多家排名前 5 位的運營商，試行我們的精益發布解決方案，並且我們已經將一些最大的汽車貸方集成到該平台中。這些只是幾個例子。在之前的財報電話會議上，我們還討論了與大型車隊供應商或新興技術支持公司（如 Buckle）簽署協議，這些公司專注於零工經濟驅動因素。所有這些例子都表明，我們有能力利用我們的平台為 P&C 保險經濟創造更多價值，並為 CCC 創造潛在的未來增長機會。我們以長遠的眼光看待市場並確定客戶的需求將如何演變而感到自豪。我們計劃繼續對其他解決方案進行有意義的投資，這些解決方案將加深我們與現有客戶的關係，並使 CCC 成為我們傳統保險公司和維修設施市場以外的有吸引力的合作夥伴。

I would like to wrap up by saying how excited we are about how well the business is performing. We are ahead of both our growth and profitability targets and are again raising our guidance for the year. Market interest in digitization and adopting cloud-based technologies has never been greater in the P&C insurance economy, providing a favorable spending environment for our solutions. And we are thrilled with the pace of product innovation and the quality of the customer feedback we are receiving, which gives us great confidence in their future growth potential. Now I'd like to turn over the call to Brian, after which we'll be happy to take your questions.

最後，我想說我們對業務的表現感到非常興奮。我們領先於我們的增長和盈利目標，並再次提高了我們今年的指導。市場對數字化和採用基於雲的技術的興趣在 P&C 保險經濟中從未如此強烈，為我們的解決方案提供了有利的消費環境。我們對產品創新的速度和我們收到的客戶反饋的質量感到興奮，這讓我們對他們未來的增長潛力充滿信心。現在我想把電話轉給 Brian，之後我們很樂意回答您的問題。

Thanks, Githesh, and thanks all for joining us today. Today, I'll review our third quarter '21 results and provide guidance for the fourth quarter and full year of 2021.

謝謝，Githesh，感謝大家今天加入我們。今天，我將回顧我們 21 年第三季度的業績，並為 2021 年第四季度和全年提供指導。

Total revenue for the third quarter was $176.6 million, up 18% from the prior year period on an adjusted basis. We look at growth on an adjusted basis, which excludes from our 2020 revenue a portion of our casualty product line, clinical professional services that was divested at the end of last year. We believe this provides the best view into the underlying growth of the business, so our quarterly performance can be looked at on a like-for-like basis.

第三季度總收入為 1.766 億美元，經調整後比去年同期增長 18%。我們在調整後的基礎上看待增長，這從我們 2020 年的收入中排除了去年底剝離的部分傷亡產品線、臨床專業服務。我們相信這提供了了解業務潛在增長的最佳視角，因此我們的季度業績可以在類似的基礎上查看。

From a trend perspective, 18% growth is the fifth sequential quarter of accelerating year-over-year revenue growth. Our growth is being primarily driven by cross-sell and upsell into our installed client base across our product portfolio, including the adoption of newer digital solutions, profitably solid growth from new logos, largely within the repair facilities and parts supplier customer segment. While we do continue to see some increases from plain transactional recovery, it is a relatively small impact on the quarter and volume recovery remains on track to contribute approximately 1% of total growth for the full year.

從趨勢的角度來看，18% 的增長是連續第五個季度收入同比加速增長。我們的增長主要是由對我們產品組合中已安裝客戶群的交叉銷售和追加銷售推動的，包括採用更新的數字解決方案，新徽標帶來的盈利穩健增長，主要是在維修設施和零件供應商客戶群中。雖然我們確實繼續看到普通交易恢復帶來的一些增長，但這對本季度的影響相對較小，而且交易量恢復仍有望貢獻全年總增長的約 1%。

Turning now to our key metrics. Software gross dollar retention or GDR, captures the amount of revenue retained from our client base compared to the prior year period. In Q3 '21, it was 98%, which is consistent with our 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 of our predictable and resilient revenue model. Software net dollar retention, or NDR, captures the amount of cross-sell and upsell from our existing customers compared to the prior year pit as well as volume movement within our APD client base.

現在轉向我們的關鍵指標。軟件總美元保留或 GDR 捕獲與去年同期相比從我們的客戶群中保留的收入金額。在 21 年第三季度，這一比例為 98%，這與我們的歷史水平一致。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。軟件淨美元保留率 (NDR) 捕獲了我們現有客戶與上一年相比的交叉銷售和追加銷售量，以及我們 APD 客戶群中的銷量變動。

In Q3 '21, software NDR was 113%. Similar to last quarter, software NDR was above our historical range. A few factors underpinning this performance, including the large renewals Githesh referenced, which had significant cross-sell and upsell components. We also saw strong adoptions of new solutions like Engage, mobile, AI across our installed client base. And transactional volumes had about 1 point of impact, a combination of COVID recovery and some impact from hurricane activity at the end of 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.

在 21 年第三季度，軟件 NDR 為 113%。與上一季度類似，軟件 NDR 高於我們的歷史範圍。支持這種表現的幾個因素，包括 Githesh 提到的大型續訂，其中有重要的交叉銷售和追加銷售組成部分。我們還看到，在我們已安裝的客戶群中，Engage、移動、AI 等新解決方案得到了廣泛採用。交易量產生了大約 1 個影響點，這是 COVID 恢復和本季度末颶風活動的一些影響的結合。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. We've provided a reconciliation of GAAP to non-GAAP financials in our press release. Adjusted gross profit in the quarter was $138.4 million with gross profit margin of 78% compared to a gross profit margin of 76% in the third quarter of last year. Gross profit margin was notably strong in the quarter and reflects the increased economies of scale and the relatively fixed and semi-fixed cost base within cost of revenue.

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 1.384 億美元，毛利率為 78%，而去年第三季度的毛利率為 76%。本季度的毛利率特別強勁，反映了規模經濟的增長以及收入成本中相對固定和半固定的成本基礎。

Turning to our operating expenses. Non-GAAP operating expenses were $71 million for the quarter, up 14% compared to a year ago. Expense growth was somewhat slower than we anticipated due to hiring being lower in the quarter, coupled with lower discretionary costs like travel due to the ongoing effects of COVID. We expect to continue to hire aggressively within our core investment areas, and expect to see sequential step-up of growth in operating expenses going forward.

談到我們的運營費用。本季度非 GAAP 運營費用為 7100 萬美元，同比增長 14%。由於本季度招聘人數減少，加上 COVID 的持續影響導致差旅等可自由支配的成本降低，費用增長略低於我們的預期。我們預計將繼續在我們的核心投資領域積極招聘，並預計未來運營費用的增長將逐步加快。

Adjusted EBITDA for the quarter was $70.1 million, which is a 40% adjusted EBITDA margin. Adjusted EBITDA grew 31% year-over-year. This performance reflects the revenue outperformance and the lower spending levels that I just outlined. While we performed well on EBITDA in '21, which highlights the strength of the business model, we do remain very focused on investing for future growth. We remain confident in our long-term margin objectives that we've outlined. However, we do not expect margin to remain at the 40% level in the upcoming quarters.

本季度調整後的 EBITDA 為 7010 萬美元，調整後的 EBITDA 利潤率為 40%。調整後的 EBITDA 同比增長 31%。這一表現反映了我剛才概述的收入表現和較低的支出水平。雖然我們在 21 年的 EBITDA 上表現良好，這凸顯了商業模式的優勢，但我們仍然非常專注於為未來增長進行投資。我們對我們概述的長期利潤率目標充滿信心。然而，我們預計未來幾個季度的利潤率不會保持在 40% 的水平。

Turning now to the balance sheet and cash flow. We ended the quarter with $160.5 million in cash and cash equivalents and $800 million of debt. At the end of the quarter, our net leverage was approximately 2.6x. During the quarter, we successfully completed the refinancing of our existing secured credit facility with a new $800 million senior secured term loan and a $250 million revolving credit facility. This also reduced our effective interest rate from 4% to 3%. This further strengthened our balance sheet and together with the proceeds from our business combination transaction, we have reduced leverage by more than 50% in annual cash interest payments, more than $40 million compared to run rate prior to the business combination and the refinancing of debt. Free cash flow for the quarter was $25 million compared to $32 million in the prior year. Cash flow in the prior year did include a onetime benefit related to a tax refund associated with the federal COVID relief program.

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 1.605 億美元的現金和現金等價物以及 8 億美元的債務。本季度末，我們的淨槓桿率約為 2.6 倍。本季度，我們通過新的 8 億美元高級擔保定期貸款和 2.5 億美元循環信貸額度成功完成了現有擔保信貸額度的再融資。這也將我們的實際利率從 4% 降至 3%。這進一步加強了我們的資產負債表，連同業務合併交易的收益，我們將年度現金利息支付的槓桿率降低了 50% 以上，與業務合併和債務再融資之前的運行率相比超過 4000 萬美元.本季度的自由現金流為 2500 萬美元，而去年同期為 3200 萬美元。前一年的現金流確實包括與聯邦 COVID 減免計劃相關的退稅相關的一次性福利。

Looking at cash flow on an unlevered basis. Year-to-date, we converted approximately 61% of adjusted EBITDA and into unlevered free cash flow. Now I'd like to finish with guidance beginning in the fourth quarter. We expect total revenue of $182 million to $184 million for the quarter. This represents 17% year-over-year growth on an adjusted revenue basis at the midpoint. We expect adjusted EBITDA between $69 million to $71 million for the quarter, which represents a 38% adjusted EBITDA margin at the midpoint.

在無槓桿的基礎上查看現金流。年初至今，我們將約 61% 的調整後 EBITDA 轉化為無槓桿自由現金流。現在我想以第四季度開始的指導結束。我們預計本季度總收入為 1.82 億美元至 1.84 億美元。在中點調整後的收入基礎上，這意味著同比增長 17%。我們預計本季度調整後的 EBITDA 將在 6900 萬美元至 7100 萬美元之間，這相當於 38% 的調整後 EBITDA 利潤率中點。

For the full year '21, we are raising our outlook for the year. We are now expecting revenue between $683 million to $685 million or 14% year-over-year growth on an adjusted revenue basis at the midpoint. We now expect adjusted EBITDA between $255 million to $257 million, which represents 37% adjusted EBITDA margin at the midpoint. To wrap up a few final points to consider. We are experiencing strong underlying momentum across the business, and it performed well year-to-date. This quarter performance highlights the combination of growth, both revenue and profitability within our business model. Our innovation engine continues to generate value-add solutions that our customers are adopting to address their business goals and drive efficiencies as they continue to focus on their digital journeys.

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 6.83 億美元至 6.85 億美元之間，按調整後收入的中點計算，同比增長 14%。我們現在預計調整後的 EBITDA 將在 2.55 億美元至 2.57 億美元之間，這相當於 37% 的調整後 EBITDA 利潤率中點。總結要考慮的最後幾點。我們正在經歷整個業務的強勁潛在勢頭，並且今年迄今表現良好。本季度的業績突出了我們商業模式中收入和盈利能力的增長。我們的創新引擎不斷產生增值解決方案，我們的客戶正在採用這些解決方案來實現他們的業務目標並提高效率，同時他們繼續專注於他們的數字之旅。

And finally, we believe we are well positioned to continue to deliver significant value to both our customers and their shareholders over time.

最後，我們相信我們有能力繼續為我們的客戶及其股東提供重要價值。

With that, operator, we are now ready to take some questions. Thank you.

有了這個，接線員，我們現在準備好回答一些問題。謝謝。

(Operator Instructions)

（操作員說明）

Our first question comes from Bhavan Suri with William Blair.

我們的第一個問題來自 Bhavan Suri 和 William Blair。

Congrats on a really, really solid quarter. Nice job there, Githesh, Brian and the team. I guess I want to touch a little bit about the AI module. You've seen really nice adoption of the AI module really around the carrier shops streamlining the repair process. Obviously, this drives a lot of value, but I'd love to understand sort of what is the feedback been? And more importantly, sort of as you think about the iteration, what percentage of your customer base, both on the insurance side and the repair shop sides have adopted the module or planning to adopt the modules in the next 12 months?

祝賀一個非常非常穩固的季度。 Githesh、Brian 和團隊幹得不錯。我想我想稍微談談 AI 模塊。你已經看到在運營商商店周圍非常好的採用 AI 模塊來簡化維修過程。顯然，這帶來了很多價值，但我很想了解反饋是什麼？更重要的是，在您考慮迭代時，保險方面和維修店方面的客戶群中有多少百分比採用了該模塊或計劃在未來 12 個月內採用這些模塊？

Bhavan, good to have you on the call. I'll start with the second part of your question. The answer to the second part of your question is very, very, very few. In other words, as we outlined, we just have 4 carriers starting to use the solution. We also have announced Estimate-STP, which is our AI solution for the collision repairers and extremely early in its adoption. So I kind of want to start with that.

Bhavan，很高興你接聽電話。我將從你問題的第二部分開始。你問題第二部分的答案非常非常少。換句話說，正如我們所概述的，我們只有 4 家運營商開始使用該解決方案。我們還宣布了 Estimate-STP，這是我們為碰撞修復程序提供的 AI 解決方案，並且處於採用初期。所以我有點想從那開始。

Now we've had other solutions where we've had AI assisting the ability to write an estimate. We call that smart estimate. What we announced with Estimate-STP is a very fundamental breakthrough that is literally something we've been working on for years, and we're like super excited to have this done. So what this does is it allows a consumer to take photos, first of all, consumer calls to the carrier and the carrier sends a link through CCC. Our AI guides the photo-taking process and then uploads the photo.

現在我們有了其他解決方案，其中我們有 AI 協助編寫估算的能力。我們稱之為智能估計。我們通過 Estimate-STP 宣布的是一項非常根本的突破，這實際上是我們多年來一直在努力的事情，我們對完成這項工作感到非常興奮。所以它的作用是允許消費者拍照，首先，消費者致電運營商，運營商通過 CCC 發送鏈接。我們的 AI 會指導拍照過程，然後上傳照片。

So the claims that are eligible. So there's a fairly large number of sophisticated rules, to which claims can go through this, which cannot go through this. And then we literally have an authoring engine, which is built in our AI that offers a line level estimate in seconds and that can be routed so that -- it creates a touchless experience. I don't know if you saw The Wall Street Journal article, where the President of USAA, he said, look, this is the first time they've been able to do a whole -- a complete touchless point. Does that answer your question?

所以索賠是符合條件的。所以有相當多的複雜規則，聲明可以通過這個，不能通過這個。然後我們真的有一個創作引擎，它內置在我們的 AI 中，可以在幾秒鐘內提供線路級別估計，並且可以路由，因此 - 它創造了一種非接觸式體驗。我不知道你是否看過《華爾街日報》的一篇文章，USAA 的總裁說，看，這是他們第一次能夠做一個整體——一個完全非接觸點。這是否回答你的問題？

It does. It does. I guess the follow-up, right? And then I'll turn it over to the next person. But when you think about the challenges carriers and repair facilities face, right? With the complexity around a number of your parts and especially as you move to electric, the number of sensors and all of this is just -- while there's a bunch of complexity in what's happening here. I guess I'd love for you to talk a little bit about how the platform benefits from hyperlocal data that then streamline that claims life cycle and minimize the claims leakage, like figuring out exactly what parts, which facilities, inventory, there's a bigger network effect here, especially in hyperlocal data. And I love it -- for you to talk about some of the 3- to 5-year trajectory as we get more complex with more electric, more electromagnetic, fluid dynamics, et cetera.

確實如此。確實如此。我猜是後續行動，對吧？然後我會把它交給下一個人。但是，當您考慮運營商和維修設施面臨的挑戰時，對嗎？由於許多零件的複雜性，尤其是當您轉向電動時，傳感器的數量和所有這些都是——雖然這裡發生的事情有很多複雜性。我想我很樂意讓您談談該平台如何從超本地化數據中獲益，然後簡化索賠生命週期並最大限度地減少索賠洩漏，例如確切地弄清楚哪些部分，哪些設施，庫存，有一個更大的網絡影響，尤其是在超本地數據中。我喜歡它——讓你談論一些 3 到 5 年的軌跡，因為我們變得越來越複雜，有更多的電、更多的電磁、流體動力學等。

I would say very specifically, there are really 3 very fundamental things that we think will drive this. So the first, I would say, is the sheer number of amount of complexity in the parts. So what might have been a bumper a few years ago, but I've had 15 parts. Now the same bumper is made up of 30 parts. So the average car is over 20,000 parts. So the complexity of how you take apart the car, how do you repair the car. So there's a massive amount of inherent vehicle complexity. So that's one aspect of it. And so if you're a collision repairer or an adjuster, you may never have seen this particular repair combination in front of you. So as you look at the permutations and combinations, this particular vehicle, in this geography, this type of accident you may never have seen. So you need -- so AI assisting that complexity is extraordinarily important.

我會非常具體地說，我們認為真的有 3 個非常基本的東西會推動它。所以我想說的是，首先是零件的複雜性。所以幾年前可能是一個保險槓，但我已經有 15 個零件了。現在同一個保險槓由 30 個零件組成。所以平均每輛汽車有超過 20,000 個零件。所以你如何拆開汽車的複雜性，你如何修理汽車。因此，存在大量固有的車輛複雜性。所以這是它的一個方面。因此，如果您是一名碰撞修復師或調整師，您可能從未在您面前看到過這種特殊的修復組合。因此，當您查看排列和組合時，這輛特定的車輛，在這個地理區域，您可能從未見過這種類型的事故。所以你需要 - 所以人工智能協助複雜性非常重要。

Second, exactly as you pointed out, given the breadth of our scale and the fact that we process a massive amount of claims in every ZIP code, every CBSA, the hyperlocal data becomes extraordinarily important. That means local part prices, local labor rates, all kinds of other local data become extremely important as a second factor into it. I'd say third, what we are seeing across the board and why customers are super excited about this is this produces tremendous efficiencies for them and also, everyone's got a huge shortage of labor, right? These are complex repairs and hiring technicians and people who can deal with this complexity is huge. And so we're seeing the third element also come in. And exactly as you said, the second point I was mentioning, EVs, ADAS sensors, there's all kinds of things continue to add complexity and cost.

其次，正如您所指出的那樣，考慮到我們規模的廣度以及我們在每個郵政編碼、每個 CBSA 中處理大量索賠這一事實，超本地數據變得異常重要。這意味著本地零件價格、本地人工費率以及各種其他本地數據作為第二個因素變得極其重要。我要說的第三點是，我們全面看到的情況以及為什麼客戶對此感到非常興奮，因為這為他們帶來了巨大的效率，而且每個人的勞動力都非常短缺，對吧？這些都是複雜的維修，需要大量的技術人員和能夠處理這種複雜性的人員。所以我們看到第三個元素也出現了。正如你所說，我提到的第二點，電動汽車、ADAS 傳感器，各種各樣的東西繼續增加複雜性和成本。

Our next question comes from Jackson Ader with JPMorgan.

我們的下一個問題來自摩根大通的 Jackson Ader。

The first question is on Engage. The big repair facility that is rolling out or I guess maybe has rolled out Engage to every single location. I'm curious what the implementation looks like for that? Is it all in one shot? We're seeing some other software implementations, these things kind of go in waves. So I'm curious what the Engage rollout looks like when someone adopts it across their entire...

第一個問題是關於 Engage。正在推出的大型維修設施，或者我想可能已經將 Engage 推出到每個位置。我很好奇它的實現是什麼樣的？這一切都在一次拍攝中嗎？我們看到了一些其他的軟件實現，這些東西有點波瀾不驚。所以我很好奇，當有人在整個過程中採用它時，Engage 的推出會是什麼樣子……

Yes. We can typically get a large -- even a large MSO with lots of locations across the country. Start to finish, we can get this done in 90 days. Again, part of the reason is our platform at the repair facilities is fundamentally cloud-based. So there is no hardware to add. There's no local software to install. None of these things come in. And since this is all deployed over the cloud, Engage also allows insurers, the policyholders, to schedule an appointment. So we have the production schedules of the collision repair facilities in our cloud. So when a consumer says, I need to schedule a collision repair, they can go directly into to the cloud and drop that appointment on the calendar of the repair facility. So we can -- so the rollouts are generally pretty straightforward and inside the quarter.

是的。我們通常可以獲得一個大型 - 甚至是一個在全國有很多地點的大型 MSO。從頭到尾，我們可以在 90 天內完成。同樣，部分原因是我們在維修設施的平台基本上是基於雲的。所以沒有硬件可以添加。沒有要安裝的本地軟件。這些都沒有。而且由於這一切都部署在雲端，Engage 還允許保險公司、保單持有人安排預約。所以我們在我們的雲中有碰撞修復設施的生產計劃。因此，當消費者說，我需要安排碰撞維修時，他們可以直接進入雲端並將該約會放在維修機構的日曆上。所以我們可以 - 所以推出通常非常簡單並且在本季度內。

Okay. Awesome. That's great. And then so a big step in payments, right? It's kind of a first step, that's great. Can you just remind us what -- if we're thinking about the payments stack -- where are the biggest pain points? Like who is dying to have their pain integrated into the capabilities right now so that they could be paid faster.

好的。驚人的。那太棒了。然後在付款方面邁出了一大步，對吧？這是第一步，太好了。您能否提醒我們 - 如果我們正在考慮支付堆棧 - 最大的痛點在哪裡？就像誰現在渴望將他們的痛苦整合到能力中，以便他們可以更快地獲得報酬。

Sure, sure. So again, exactly as we said, we said in the second half of '21, we were going to have stand up our payments platform, which we did exactly that. We stood up our payments platform with our partners. We did some of the integration, we got the platform up and running. What we're doing now is working with insurers on some very specific use cases. And those use cases involve how do I pay certain types of repair facilities? How do I pay the banks that hold my lien? There are opportunities inside medical claims that we process.

一定一定。因此，正如我們所說，我們在 21 年下半年說過，我們將建立我們的支付平台，而我們正是這樣做的。我們與合作夥伴一起建立了我們的支付平台。我們做了一些整合，我們啟動並運行了平台。我們現在正在做的是與保險公司合作處理一些非常具體的用例。這些用例涉及我如何支付某些類型的維修設施？我如何向持有我的留置權的銀行付款？我們處理的醫療索賠中存在機會。

At the same time, we also have early versions of our payment solutions working for the repair facilities, where they can get payments from the consumers for deductibles and the like. So we are working with early customers on specific use cases. And that's really what we're trying to do is to get those use cases defined, get them piloted, get them tested, refine the product. And this is frankly why we've been able to deliver a substantial net promoter score is that mindset of just focus on getting it right on those pain points.

同時，我們也有早期版本的支付解決方案用於維修設施，他們可以從消費者那裡獲得免賠額等費用。因此，我們正在就特定用例與早期客戶合作。我們真正要做的就是定義這些用例，對它們進行試點，對它們進行測試，然後改進產品。坦率地說，這就是為什麼我們能夠提供可觀的淨推薦分數的原因是專注於解決這些痛點的心態。

That made some sense.

這是有道理的。

Our next question comes from Gary Prestopino with Barrington Research.

我們的下一個問題來自 Barrington Research 的 Gary Prestopino。

Brian, did you give what the organic growth in the logo breakdown was in the quarter? Or are you going to give that? Or can you give that?

布賴恩，您是否給出了本季度徽標細分的有機增長？還是你要給那個？或者你能給嗎？

Yes, happy to, Gary. So we posted 18% on an adjusted revenue basis. So within that 18%, 5% of the growth was from new logos. And that's largely driven from repair facilities and our parts suppliers. And then our software NDR, as I mentioned, was 113%, representing cross-sell and upsell across the base. So if you think about 13% from cross-sell, upsell, and then 5% from new logos, that gets you the 18% adjusted revenue for the quarter.

是的，很高興，加里。因此，我們在調整後的收入基礎上公佈了 18%。因此，在這 18% 的增長中，有 5% 來自新徽標。這主要是由維修設施和我們的零件供應商推動的。然後，正如我提到的，我們的軟件 NDR 為 113%，代表整個基地的交叉銷售和追加銷售。因此，如果您考慮來自交叉銷售、追加銷售的 13%，然後來自新徽標的 5%，那麼您將獲得本季度 18% 的調整後收入。

Okay. That's great. And then Githesh, last quarter, you kind of gave some statistics about the amount of claims that were processed through mobile, it was about 20%. Did that change materially in Q3? Or did it move the needle upwards a little bit?

好的。那太棒了。然後是 Githesh，上個季度，你提供了一些關於通過移動設備處理的索賠數量的統計數據，大約是 20%。這在第三季度發生了重大變化嗎？或者它把針向上移動了一點？

Yes, it ticked up a little bit because we are starting to see -- it went up a couple of percentage points. But what is really interesting is that these mobile claims are also the key funnel into our AI platform, right? So you have to think about it in that context as well. So sequence-wise, over 2, 3 years ago as we implemented mobile for almost 100 carriers and as well as for repair facilities, it became very important as a channel for funneling claims through the AI as well.

是的，它略有上升，因為我們開始看到——它上升了幾個百分點。但真正有趣的是，這些移動聲明也是進入我們人工智能平台的關鍵渠道，對吧？所以你也必須在那個背景下考慮它。因此，在 2、3 年前，當我們為近 100 家運營商以及維修設施實施移動時，它作為通過 AI 處理索賠的渠道變得非常重要。

Okay. And then lastly, with some of these new AI products that you have out there, especially with electric cars or even cars that have ADAS, how do you handle anything having to do with calibration and even diagnostic on a collision repair. Do they take into account what may need to be calibrated -- so you're fixing the bumper, but there's something you have to do to get the calibration back to where it was?

好的。最後，對於一些新的 AI 產品，尤其是電動汽車甚至配備 ADAS 的汽車，您如何處理與校準甚至碰撞修復診斷有關的任何事情。他們是否考慮到可能需要校準的內容 - 所以您正在修理保險槓，但您必須做一些事情才能將校準恢復到原來的位置？

Yes. In fact, Gary, what we're seeing is I would say that this is exactly why we offered our diagnostics solution. So the CCC diagnostic solutions allows you to actually take the scan from a vehicle, integrate that into CCC [one]. And that's been really important. I'll give you a couple of statistics. If you look at Q1 of 2017, Q1 of 2017, roughly 3% of all vehicles were going through a diagnostic scan. That means that you run the scan, it tells you one module set issues, whether it's airbag deployed or other things that need to be calibrated. [Admits] of the diagnostics for the vehicle told you that.

是的。事實上，加里，我們所看到的是我會說這正是我們提供診斷解決方案的原因。因此 CCC 診斷解決方案允許您實際從車輛進行掃描，並將其集成到 CCC [一個]。這真的很重要。我會給你一些統計數據。如果你看看 2017 年第一季度，2017 年第一季度，大約有 3% 的車輛正在接受診斷掃描。這意味著你運行掃描，它會告訴你一個模塊設置問題，無論是安全氣囊展開還是其他需要校準的東西。 [承認]車輛的診斷告訴你。

In Q3 of 2021, that number was 47% of all cars at a stand. So it's essentially over the course of -- from Q1 of 2017 to Q3 of 2021, you're going from 3% to 47%. And I think as the earlier question Bhavan asked, as complexity increases, we see the scans will increase. This is why we're investing in our diagnostics capability. And as I mentioned, we have a couple of repair facilities and MSOs already starting to roll out our diagnostics capability.

在 2021 年第三季度，這個數字佔展台所有汽車的 47%。所以它基本上是在整個過程中——從 2017 年第一季度到 2021 年第三季度，你將從 3% 增加到 47%。我認為正如 Bhavan 之前提出的問題，隨著複雜性的增加，我們看到掃描會增加。這就是我們投資診斷能力的原因。正如我提到的，我們有幾個維修設施和 MSO 已經開始推出我們的診斷能力。

Our next question is from Kirk Materne with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

Githesh, on the sort of AI-powered estimation platform. I was just kind of curious how quickly can an existing customer get that embedded into their technology stack and get up and running with it. I was just trying to get a sense on -- is there any friction involved either from a technology, maybe some legacy technology stacks or even just from a business process perspective. I was just kind of curious about sort of -- I guess it gets down like the time to value for your customers.

Githesh，在某種人工智能驅動的評估平台上。我只是有點好奇現有客戶能以多快的速度將其嵌入到他們的技術堆棧中並啟動並運行它。我只是想了解一下——是否存在任何技術上的摩擦，可能是一些遺留技術堆棧，甚至只是從業務流程的角度來看。我只是有點好奇——我想它會像為客戶創造價值的時間一樣下降。

Sure. So let me start with what we've done over the last 15 or 20 years to answer this question. So first and foremost, we have built very deep integrations, real-time integrations between our cloud, the CCC cloud and each of our carrier customers. So that real-time we're integrated deep into their systems with data going back and forth. Obviously, with a tremendous amounts of security. So we built those interfaces.

當然。因此，讓我從過去 15 或 20 年我們為回答這個問題所做的工作開始。因此，首先，我們在我們的雲、CCC 雲和我們的每個運營商客戶之間建立了非常深入的集成、實時集成。這樣一來，我們就可以實時深入地集成到他們的系統中，數據來回流動。顯然，具有大量的安全性。所以我們構建了這些接口。

So when a client then adopts our AI solution, they're actually running on our side of the integration. So the link being sent to the policyholder is going directly from the CCC cloud to the consumer, consumers sending the data back. Our AI models are running on our cloud. We're producing the estimate. And then what goes through the pipe back to the carrier is the same types we have already built for the last 10 or 15 years. So that is exactly why having all of these integrations built over the last 15 or 20 years really speeds the adoption of this capability. Otherwise, you'll have this massive multi 1-, 2-, 3-year integration efforts to get it up and running. It also allows customers to pilot and test this very quickly. Does that answer your question?

因此，當客戶隨後採用我們的 AI 解決方案時，他們實際上是在我們的集成方面運行。因此，發送給投保人的鏈接直接從 CCC 雲發送給消費者，消費者將數據發回。我們的 AI 模型在我們的雲上運行。我們正在製作估算值。然後通過管道返回承運人的是我們在過去 10 或 15 年中已經建造的相同類型。因此，這就是為什麼在過去 15 或 20 年內構建的所有這些集成真正加速了此功能的採用。否則，您將需要花費 1 年、2 年、3 年的大量集成工作來啟動和運行它。它還允許客戶非常快速地進行試點和測試。這是否回答你的問題？

Yes, that's super helpful. And Brian, maybe one for you. Obviously, a really nice expansion quarter for you all. Obviously, it would seem that the renewal process would be an obvious point for you all to start talking about expansion, both cross and upsell with your clients. Is there any lumpiness to your renewal base, meaning, I realize you probably interacted with comments all the time, but I was just kind of curious if we should understand if there's any seasonality we should be aware of either considering the fourth quarter or spread out or if there's multiyear deals if that influences that opportunity at all?

是的，這非常有幫助。還有布賴恩，也許是給你的。顯然，這對你們所有人來說都是一個非常好的擴張季度。顯然，對於你們所有人來說，續訂過程似乎是一個明顯的點，可以開始與客戶討論擴展，包括交叉銷售和追加銷售。您的更新基礎是否有任何塊狀，意思是，我知道您可能一直在與評論互動，但我只是有點好奇我們是否應該了解是否有任何季節性我們應該注意考慮第四季度或分散或者是否有多年期交易，如果這會影響這個機會？

Yes. Most of our carrier clients are on multiyear deals, and there's not really a seasonal that drives the renewals. They're spread out across the year. So there's no real lumpiness with that renewal. We have really good renewal rates, right, with the gross dollar retention of 98%. And so we're very confident in our ongoing ability to renew. And I think the other important point that Githesh covered in his opening remarks is there was material expansion with the renewals, which we see as a core part of the growth opportunity in front of us as well.

是的。我們的大多數運營商客戶都簽訂了多年協議，並沒有真正推動續約的季節性因素。它們分佈在全年。因此，這種更新並沒有真正的障礙。我們的續訂率非常好，對，毛美元保留率為 98%。因此，我們對我們持續的更新能力非常有信心。我認為 Githesh 在開場白中提到的另一個重要觀點是，續約帶來了實質性擴張，我們也將其視為擺在我們面前的增長機會的核心部分。

Our next question comes from Chris Moore with CJS Securities.

我們的下一個問題來自 CJS 證券公司的 Chris Moore。

Yes, first is maybe just a follow-up on a prior question regarding the mobile penetration. So it was an interesting comment that kind of mobile is the funnel to AI. If the mobile penetration is in the low 20s now. Do you target that? I mean is there a 2- to 3-year kind of goal of mobile getting to 50% penetration? I'm just kind of trying to understand that the kind of chicken and egg there and what that mobile penetration could look like in a couple of years?

是的，首先可能只是對先前關於移動滲透的問題的跟進。所以這是一個有趣的評論，那種移動是人工智能的渠道。如果移動普及率現在處於 20 多歲左右。你瞄準那個？我的意思是，是否有 2 到 3 年的移動普及率達到 50% 的目標？我只是想了解一下先有雞還是先有蛋的情況，以及幾年後移動普及率會是什麼樣子？

Sure, Chris. Good to have you on the call. What I gave you was an average number across our customer base. So we have some customers as high as 70% mobile adoption, 70%, 75% mobile adoption. We have some customers in the 1% or 2% mobile adoption, and you will certainly see that this will continue to happen. So mobile is an accelerator for AI, but it is not a precondition. Does that help?

當然，克里斯。很高興你接電話。我給你的是我們客戶群的平均數字。因此，我們有一些客戶的移動採用率高達 70%、70%、75%。我們有一些客戶的移動採用率為 1% 或 2%，您肯定會看到這種情況會繼續發生。所以移動是人工智能的加速器，但不是先決條件。這有幫助嗎？

Yes, that helps for sure. Yes.

是的，這肯定有幫助。是的。

It will continue to move because it produces -- the mobile channel produces a very high degree of customer satisfaction for consumers who want to be dealt with in a digital way. And our mobile capabilities also work for collision repairs and especially with social distancing and all of the other benefits mobile is able to provide, including off hours by the way.

它將繼續移動，因為它產生 - 移動渠道為希望以數字方式處理的消費者帶來非常高的客戶滿意度。我們的移動功能也適用於碰撞修復，尤其是在保持社交距離的情況下，以及移動能夠提供的所有其他好處，順便說一句，包括下班時間。

Got it. Maybe just 1 more on the numbers. So gross margin -- adjusted gross margin 78.4%, obviously, very high. Brian talked about economies of scale. Were there other things in there? I mean, I'm assuming that this level is not going to -- we won't stay at this level, even with volumes being up there. Is there anything else we should think about on the gross margin side?

知道了。也許只有 1 個數字。所以毛利率——調整後的毛利率為 78.4%，顯然非常高。 Brian 談到了規模經濟。裡面還有別的東西嗎？我的意思是，我假設這個水平不會 - 我們不會停留在這個水平，即使那裡有交易量。在毛利率方面還有什麼我們應該考慮的嗎？

Yes. Chris, yes. So when we've talked about the guidance and setting up kind of long-term targets, we talked about gross margin getting to 80% over time. And it will fluctuate quarter-to-quarter a bit. The strong margin this quarter clearly highlights the power of the operating model and the leverage that we have against the cost base. The quarter did benefit from the strength and the scale of the 18% revenue growth. It had some impact by the hiring that we talked about being slightly lower. But as I said, it will also fluctuate quarter-to-quarter as well. But we do feel really good on the long-term guide as we think about moving towards 80% over time.

是的。克里斯，是的。因此，當我們談到指導和設定長期目標時，我們談到毛利率隨著時間的推移達到 80%。而且每個季度都會有一點波動。本季度強勁的利潤率清楚地凸顯了運營模式的力量以及我們對成本基礎的影響力。該季度確實受益於 18% 的收入增長的實力和規模。我們談到的招聘人數略有下降，這產生了一些影響。但正如我所說，它也會按季度波動。但我們確實對長期指南感覺很好，因為我們考慮隨著時間的推移向 80% 邁進。

Our next question comes from Yitchuin Wong with Citi.

我們的下一個問題來自花旗的 Yitchuin Wong。

Githesh, first, I want to go to -- you talked about the growing trend in CCC cloud usage, and we've definitely been seeing very strong cloud usage among CSP providers and many of cloud consumption model out there. Can you give us more colors on the growth that you're seeing, kind of what percentage on user customer base are used in the cloud and then kind of help us quantify the progress of CCC cloud and the opportunity going forward?

Githesh，首先，我想去——你談到了 CCC 雲使用的增長趨勢，我們肯定已經看到 CSP 提供商和許多雲消費模型中非常強大的雲使用。您能否為我們提供更多關於您所看到的增長的顏色，雲中使用的用戶客戶群的百分比，然後幫助我們量化 CCC 雲的進展和未來的機會？

Sure. I want to actually rewind the clock a little bit, Yitchuin, because we've been a cloud-based platform for well over a decade. In fact, we put all our repair facilities on a cloud platform and roll them out nationally over 10 years ago. Every single insurer is on our cloud-based platform going back 10, if not 15 years, our parts providers. So for us, we are a cloud-first company and have been a cloud-first company for well over a decade. So this is why we don't report any metrics that say, while so many percent are cloud, so many percent are not cloud because we are completely have been and are a cloud-based platform. Does that answer the question?

當然。 Yitchuin，我實際上想讓時間倒轉一點，因為十多年來我們一直是一個基於雲的平台。事實上，我們在10多年前就把我們所有的維修設施都放在了一個雲平台上，並在全國推廣。每家保險公司都在我們基於雲的平台上，可以追溯到 10 年前，甚至 15 年前，我們的零部件供應商。所以對我們來說，我們是一家云優先公司，並且十多年來一直是雲優先公司。所以這就是為什麼我們不報告任何指標，雖然有這麼多百分比是雲，但有這麼多百分比不是雲，因為我們已經完全是一個基於雲的平台。這能回答問題嗎？

Yes. I guess more around your cloud growth or cloud usage among cross trend that you see among the -- among your customer base, like how is that trending? Has there been more cloud usage or it's more around quarter-on-quarter?

是的。我想更多關於您在您的客戶群中看到的交叉趨勢中的雲增長或云使用，比如這種趨勢如何？是有更多的雲使用還是環比更多？

I see. You're saying about the customers themselves for other applications outside of CCC. Is that what you mean?

我懂了。你說的是 CCC 之外的其他應用程序的客戶本身。你是這個意思嗎？

Yes.

是的。

Yes. Okay. Because all of CCC applications for well over a decade, have been cloud-based. So we are completely cloud. So I would say for carriers, I would say it's a relatively slow adoption of moving their own internal platforms to the cloud. There are some people who are starting to move some components of it. Most carriers still, for the most part, are running on-prem systems, which is where we integrate from our cloud to theirs. So I would say that will take several years, probably, I would say somewhere between, I would say, probably it's hard to put a precise percentage. But for the most part, the cloud transition is happening, and we think it will go at a fairly slow pace. And this is why our customers like our solution because what we're able to do is to give them the benefit of the cloud immediately because when you connect the pipe from our customer systems to our systems, they essentially become cloud-enabled instantly and have been for many, many years.

是的。好的。因為十多年來，所有 CCC 應用程序都是基於雲的。所以我們完全是雲。所以我想說對於運營商來說，我會說將他們自己的內部平台遷移到雲端的速度相對較慢。有些人開始移動它的某些組件。大多數運營商仍然在很大程度上運行本地系統，這是我們從雲集成到他們的地方。所以我會說這將需要幾年時間，可能，我會說介於兩者之間，我會說，可能很難給出一個精確的百分比。但在大多數情況下，雲過渡正在發生，我們認為它會以相當緩慢的速度進行。這就是我們的客戶喜歡我們的解決方案的原因，因為我們能夠做的就是讓他們立即從雲中受益，因為當您將管道從我們的客戶系統連接到我們的系統時，他們基本上會立即啟用雲並擁有已經很多很多年了。

That's good. And then next, Brian, you mentioned your OpEx growth being lower than expected because of lower hiring. And I'm just looking over some of the non-GAAP OpEx calculation, it looks like R&D expenses is down and might be calculating slightly off. So I'm just wondering where do you see the most challenge in your hiring trends? Is it more an engineering focus or more salesperson? And finally, where is the biggest focus for you guys in terms of hiring?

那挺好的。接下來，布賴恩，你提到由於招聘人數減少，你的運營支出增長低於預期。我只是在查看一些非 GAAP 運營支出計算，看起來研發費用下降了，而且計算結果可能略有偏差。所以我只是想知道您認為招聘趨勢中最大的挑戰在哪裡？是更注重工程還是更多的銷售人員？最後，你們在招聘方面最大的關注點在哪裡？

Yes. So the comment around hiring being lower than we had planned is broad-based. That said, the biggest focus area for our hiring is in our R&D and engineering teams as we focus on our strategic initiatives. So that's where we will see the biggest growth both going forward is around R&D, engineering, focus on building and driving innovation for new solutions coming out. So that will be the focus of the growth across as we go forward across the company.

是的。因此，關於招聘低於我們計劃的評論是有廣泛基礎的。也就是說，我們招聘的最大重點領域是我們的研發和工程團隊，因為我們專注於我們的戰略計劃。因此，這就是我們將看到未來最大增長的地方是圍繞研發、工程，專注於構建和推動新解決方案的創新。因此，隨著我們在整個公司的發展，這將成為增長的重點。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Githesh Ramamurthy for any closing remarks.

謝謝。女士們，先生們，我們的問答環節已經結束。我想將電話轉回給 Githesh Ramamurthy 以聽取任何結束語。

Thanks, everybody, for joining in. As you probably heard from us, we're super excited about where we are. We have a fantastic base of customers. We're excited about the innovations we're working on, and continue to see a substantial number of opportunities to digitize the P&C insurance economy. Thank you for joining us on the call today.

謝謝大家的加入。正如您可能從我們這裡聽到的那樣，我們對我們所處的位置感到非常興奮。我們擁有龐大的客戶群。我們對我們正在進行的創新感到興奮，並繼續看到大量機會將 P&C 保險經濟數字化。感謝您今天加入我們的電話會議。

This concludes today's conference. You may disconnect your lines at this time. Thank you very much for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。非常感謝您的參與，祝您有美好的一天。