CCC Intelligent Solutions Holdings Inc (CCC) 2021 Q4 法說會逐字稿

Greetings, and welcome to the CCC Intelligent Solutions Fourth Quarter and Fiscal Year 2021 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Brian Denyeau with ICR. Please go ahead.

您好，歡迎來到 CCC Intelligent Solutions 第四季度和 2021 財年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把會議轉交給你的主持人，來自 ICR 的 Brian Denyeau。請繼續。

Good morning, and thank you for joining us today to review CCC's fourth quarter and fiscal year 2021 financial results, which we announced in the press release issued before the open of market today. Joining the call today are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

早上好，感謝您今天加入我們，回顧 CCC 的第四季度和 2021 財年財務業績，我們在今天開市前發布的新聞稿中公佈了這些業績。今天加入電話會議的有 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 cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in our earnings release that is available on our Investor Relations website under the heading Risk Factors in our registration statement on Form S-1 filed with the SEC on September 9, 2021, and our 2021 annual report on Form 10-K to be filed with the SEC.

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因素的影響，這些風險和不確定因素會導致實際結果和公司計劃的實施產生重大差異。這些風險在我們於 2021 年 9 月 9 日向美國證券交易委員會提交的 S-1 表格註冊聲明和 10-K 表格的 2021 年度報告中的風險因素標題下的投資者關係網站上的收益發布中進行了討論向美國證券交易委員會備案。

Further, these comments and the Q&A that follows are copyrighted today by CCC Intelligence Solution Holdings Incorporated. Any recording or retransmission or reproduction or other use of the same for profit or otherwise without our prior consent of CCC is prohibited and a 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.

此外，這些評論和隨後的問答版權今天歸 CCC Intelligence Solution Holdings Incorporated 所有。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 relating to the company's financial condition and the results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website.

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. I'm pleased to report that CCC delivered exceptionally strong top and bottom line results in the fourth quarter. I'd like to start by summarizing our financial results for the fourth quarter and full year. For the fourth quarter, revenue was $187.1 million, up 19% adjusted for divestiture last year. This is ahead of our guidance and our strongest growth performance in years.

謝謝，布賴恩，感謝大家今天加入我們。我很高興地報告 CCC 在第四季度取得了異常強勁的頂線和底線結果。我想首先總結一下我們第四季度和全年的財務業績。第四季度收入為 1.871 億美元，經去年資產剝離調整後增長 19%。這超出了我們的指導和我們多年來最強勁的增長表現。

Adjusted EBITDA was $75.7 million, which grew 30% year-over-year. This represents a 40% margin, up more than 300 basis points from the fourth quarter of 2020. And for the full year, total revenue was $688.3 million, up 15% adjusted for divestiture last year. And adjusted EBITDA was $261.4 million, representing a 38% margin. Both our revenue and adjusted EBITDA performance were well ahead of our initial guidance for the year, reflecting the strong momentum across our business.

調整後的 EBITDA 為 7570 萬美元，同比增長 30%。這代表著 40% 的利潤率，比 2020 年第四季度高出 300 多個基點。全年總收入為 6.883 億美元，經去年資產剝離調整後增長 15%。調整後的 EBITDA 為 2.614 億美元，利潤率為 38%。我們的收入和調整後的 EBITDA 業績都遠遠超過了我們今年的初步指導，反映了我們整個業務的強勁勢頭。

The CCC cloud today sits at the heart of the digital transformation of the P&C insurance economy. More than 30,000 customers across the ecosystem trust CCC to provide state of the art cloud-based solutions that leverage AI and mobile to boost operational efficiency and greatly improve the customer experience. We believe this is a long-term trend that is still in the early days. This gives us great confidence in our ability to drive consistent, durable growth in revenue and profitability.

今天的 CCC 雲處於 P&C 保險經濟數字化轉型的核心。整個生態系統中超過 30,000 名客戶信任 CCC 提供最先進的基於雲的解決方案，這些解決方案利用人工智能和移動來提高運營效率並極大地改善客戶體驗。我們認為這是一個仍處於早期階段的長期趨勢。這使我們對我們推動收入和盈利能力持續、持久增長的能力充滿信心。

While we have delivered organic revenue growth for 2 decades, our performance in 2021 was particularly strong. We continue to lay the foundation for sustained growth as we delivered more than 1,700 product releases on the CCC cloud in 2021. This is up from 1,400 releases the prior year. This equates to an average of more than 30 product releases per week. These included important new launches, like CCC Estimate-STP and payments, as well as significant updates to diagnostics and many other existing solutions.

雖然我們已經實現了 2 十年的有機收入增長，但我們在 2021 年的表現尤為強勁。我們繼續為持續增長奠定基礎，因為我們在 2021 年在 CCC 雲上發布了 1,700 多個產品版本。這高於上一年的 1,400 個版本。這相當於平均每週發布 30 多個產品。其中包括重要的新發布，如 CCC Estimate-STP 和支付，以及對診斷和許多其他現有解決方案的重大更新。

We substantially expanded the breadth and depth of our AI solutions, which have now been used to power more than 9 million unique claims using a CCC deep learning AI solution. This is up 80% from 2020. We expanded our platform to support additional aspects of the ecosystem and increased the value of our network for our customers. We signed a number of key renewals during the year, including 4 of our largest Multi-Store Operators or MSOs, and 3 of the top 5 insurance carriers.

我們極大地擴展了人工智能解決方案的廣度和深度，這些解決方案現已用於使用 CCC 深度學習人工智能解決方案為超過 900 萬個獨特索賠提供支持。這比 2020 年增長了 80%。我們擴展了我們的平台以支持生態系統的其他方面，並為我們的客戶增加了我們網絡的價值。我們在這一年簽署了一些重要的續約協議，包括我們最大的 4 家多店運營商或 MSO，以及前 5 大保險公司中的 3 家。

It was exciting to see that in every case, these customer wins included both multiyear extensions and further expansions of CCC solutions they will deploy, and we successfully returned to the public markets. We are extremely proud of the hot and quality shareholder base we have attracted, who have been very supportive of our long-term strategic objectives. I also want to take this opportunity to thank the CCC team for all that we have accomplished together in 2021, and the incredible path we have to power the digital transformation of the P&C insurance economy.

令人興奮的是，在每種情況下，這些客戶的勝利都包括他們將部署的 CCC 解決方案的多年延期和進一步擴展，我們成功地重返公開市場。我們為我們吸引到的熱情而優質的股東基礎感到非常自豪，他們一直非常支持我們的長期戰略目標。我還想藉此機會感謝 CCC 團隊在 2021 年共同取得的成就，以及我們為推動 P&C 保險經濟數字化轉型所走的令人難以置信的道路。

I will now provide some of the key highlights from the fourth quarter. The first area I would like to highlight is a continued expansion of CCC solutions with our customers. We have a terrific customer base, which includes so many that have been with us over the long term and they continuing to give us great insight as to the business challenges they would like solved. The strength of these relationships is foundational to our long-term success and drives our best-in-class retention rates.

我現在將提供第四季度的一些主要亮點。我要強調的第一個領域是與我們的客戶一起持續擴展 CCC 解決方案。我們有一個了不起的客戶群，其中包括許多長期與我們合作的客戶，他們繼續為我們提供關於他們希望解決的業務挑戰的深刻見解。這些關係的力量是我們長期成功的基礎，並推動我們保持一流的保留率。

A great example of the opportunity in these long-term relationships with the meaningful expansions we secured during the quarter with 2 of the top 5 largest P&C insurers as part of signing 5-year contract renewals with each customer. Each insurer will be meaningfully expanding their spend with CCC as they deploy in number of new solutions, including our suite of mobile AI solutions and Estimate-STP.

這些長期關係中機會的一個很好的例子是我們在本季度與前 5 大財產保險公司中的 2 家取得了有意義的擴張，作為與每個客戶簽訂 5 年期合同續籤的一部分。每家保險公司都將有意義地擴大他們在 CCC 上的支出，因為他們部署了許多新的解決方案，包括我們的移動 AI 解決方案套件和 Estimate-STP。

As we discussed last quarter, we believe one of the most exciting aspects of the CCC growth story that many investors may not fully appreciate is the opportunity for growth from our broad insurance customer base. New solutions like Estimate-STP, payments and Total Loss care, as well as new innovations we plan to introduce in the coming years, are all incremental growth opportunities.

正如我們上個季度所討論的那樣，我們認為 CCC 增長故事中最令人興奮的方面之一可能是許多投資者可能沒有完全理解的是我們廣泛的保險客戶群帶來的增長機會。 Estimate-STP、支付和全損護理等新解決方案，以及我們計劃在未來幾年推出的新創新，都是增量增長機會。

Now to give you some perspective on the scale and visibility we have into our future revenue. At the end of last quarter, we had more than $1 billion of revenue under contract with our 25 largest insurance customers and believe we can meaningfully expand our revenue from them over the long term if they were to deploy more of our solutions.

現在讓您了解我們對未來收入的規模和可見性。上個季度末，我們與 25 家最大的保險客戶簽訂的合同收入超過 10 億美元，並且相信如果他們部署更多我們的解決方案，我們可以從長遠來看顯著增加我們的收入。

A similar dynamic also exist among our repair facility customers. During the quarter, we signed a long-term renewal with one of the nation's largest MSOs that will now be deploying our Engage solution to all their locations. We are thrilled with the interest in CCC Engage throughout 2021. In fact, this product has now been adopted by nearly 9,000 of our repair facility customers. This represents more than 30% of our total repair facility installed base and is one of the fastest product deployments we have ever had.

我們的維修設施客戶中也存在類似的動態。在本季度，我們與美國最大的 MSO 之一簽署了長期續約協議，他們現在將在其所有地點部署我們的 Engage 解決方案。我們對整個 2021 年對 CCC Engage 的興趣感到興奮。事實上，該產品現已被我們近 9,000 家維修設施客戶採用。這占我們維修設施總裝機量的 30% 以上，是我們有史以來最快的產品部署之一。

During 2021, we signed renewals for 5 or more years with multiple national MSOs, which highlights the longstanding relationships we have built and our long-term commitment to product innovation and most important to their success. Finally, we also continue to expand our ecosystem as our investments in areas like parts and total loss provide opportunities to add parts providers, banks, and financial institutions, and other auto insurance economy participants to our platform.

2021 年期間，我們與多個國家 MSO 簽署了 5 年或更長時間的續約協議，這凸顯了我們建立的長期關係以及我們對產品創新的長期承諾，這對他們的成功至關重要。最後，我們還繼續擴展我們的生態系統，因為我們在零件和全損等領域的投資為將零件供應商、銀行和金融機構以及其他汽車保險經濟參與者添加到我們的平台提供了機會。

For example, since introducing parts several years ago, we now have signed up more than 4,000 parts suppliers. We had 40% growth in electronic order volume in 2021 and now have 15% of total market GMV being processed on our part solution. Parts is a great example of how we have built the CCC platform to be a balanced multi-sided network that generates value for all participants for the millions of claims processed each year on the CCC cloud.

例如，自從幾年前引入零件以來，我們現在已經簽約了 4,000 多家零件供應商。 2021 年，我們的電子訂單量增長了 40%，現在我們的零件解決方案處理了市場 GMV 總量的 15%。 Parts 是一個很好的例子，說明我們如何將 CCC 平台構建為一個平衡的多邊網絡，為所有參與者創造價值，每年在 CCC 雲上處理數百萬的索賠。

What is particularly powerful about the expanding adoption of the CCC cloud is that it is self-reinforcing. The revenue from new products adoption provides resources to invest even more in R&D further expanding our offerings, which in turn helps us deliver more revenue and earnings growth of virtual cycle in other words.

CCC 雲的廣泛採用特別強大的是它是自我強化的。採用新產品帶來的收入提供了資源，可以進一步投資於研發，進一步擴大我們的產品範圍，換句話說，這反過來又幫助我們實現更多的收入和虛擬週期的收益增長。

The second area I want to provide an update on is the early success we're having with some of our recent product innovations. Our passion for product innovation is what drives our success with customers. At the heart of our product development effort is our vision for straight-through processing or STP, which will leverage AI to fully digitize large segments of the P&C insurance economy.

我想提供更新的第二個領域是我們在最近的一些產品創新方面取得的早期成功。我們對產品創新的熱情是推動我們與客戶取得成功的動力。我們產品開發工作的核心是我們對直通式處理或 STP 的願景，它將利用 AI 將 P&C 保險經濟的大部分部分完全數字化。

STP is applicable throughout our network ecosystem and represents a multiyear innovation journey across a number of use cases. A critical component of our STP vision was the recent introduction of CCC Estimate-STP, our first product that enables a truly touchless straight-through processing experience for our customers and a critical step forward for the industry. As a reminder, this solution fully digitizes the estimating process for qualified repairable claims and shortens the estimating process from days to seconds.

STP 適用於我們的整個網絡生態系統，代表著跨多個用例的多年創新之旅。我們 STP 願景的一個關鍵組成部分是最近推出的 CCC Estimate-STP，這是我們的第一款產品，它可以為我們的客戶提供真正的非接觸式直通式處理體驗，並且是行業向前邁出的關鍵一步。提醒一下，該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。

Momentum continues to build around Estimate-STP as customers embrace the increase in accuracy, speed, and efficiency this AI-powered solution brings to the estimation process, so also reducing estimate times from days to seconds. Estimate-STP is a significant opportunity for CCC and is one that we expect to scale over the next several years. We continue to see terrific adoption and momentum with our AI innovations. We now have more than 95 U.S. auto insurers that are actively using CCC's AI-powered capabilities and we're still in the early stages of driving widespread adoption.

隨著客戶接受這種 AI 驅動的解決方案為估算過程帶來的準確性、速度和效率的提高，因此也將估算時間從幾天縮短到幾秒鐘，因此勢頭繼續圍繞 Estimate-STP 建立。 Estimate-STP 是 CCC 的一個重要機會，也是我們希望在未來幾年內擴展的機會。我們繼續看到我們的 AI 創新得到了極大的採用和發展勢頭。我們現在有超過 95 家美國汽車保險公司正在積極使用 CCC 的人工智能功能，我們仍處於推動廣泛採用的早期階段。

A stack that I'm particularly proud of is that last year we grew the number of claims that utilize 4 or more of our AI applications by a factor of 6. This is a great demonstration of the sizable opportunity we have to incorporate AI throughout the claims life cycle. Finally, we continue to make progress on our payment solution, which is now generally available to customers. We're engaged with a number of customers to refine use cases and to build a pipeline for this product. We're following a 3-part approach that has helped us launch and scale new products in the past.

我特別引以為豪的一個堆棧是，去年我們將使用 4 個或更多 AI 應用程序的索賠數量增加了 6 倍。這很好地證明了我們必須在整個過程中整合 AI 的巨大機會。索賠生命週期。最後，我們繼續在我們的支付解決方案上取得進展，該解決方案現已普遍提供給客戶。我們與許多客戶合作，以改進用例並為此產品構建管道。我們正在遵循一種由 3 部分組成的方法，該方法在過去幫助我們推出和擴展了新產品。

First, we initially roll out with select customers, where we partner together to refine the use case and optimize the workflow. Second, we take those learnings, incorporate them in our solutions, making its value proposition even more powerful. And then lastly, we move upmarket and deploy to larger customers or looking for new technology that can increase efficiency and profitability. This is a process that takes time, but has yielded consistently strong results for CCC.

首先，我們最初與選定的客戶一起推出，在那裡我們合作改進用例並優化工作流程。其次，我們吸取這些教訓，將它們納入我們的解決方案，使其價值主張更加強大。最後，我們轉向高端市場並部署到更大的客戶或尋找可以提高效率和盈利能力的新技術。這是一個需要時間的過程，但為 CCC 帶來了持續強勁的成果。

The third area I'd like to update you on is how we're expanding our market opportunity. We recently announced our acquisition of safety, an innovative startup InsurTech provider that uses AI, machine learning, and natural language processing to digitize the full subrogation life cycle. For those of you not familiar with subrogation, this is a step in the claims process that every insurer has to perform across every P&C line and refers to the process of protecting consumers and insurers from paying for losses where the insured is deemed not at fault or only partially at fault. Subrogation affects tens of billions of dollars in claims every year and cost insurers over $2 billion in estimated administrative expenses annually.

我想向您介紹的第三個領域是我們如何擴大市場機會。我們最近宣布收購 safety，這是一家創新的初創 InsurTech 供應商，它使用人工智能、機器學習和自然語言處理來數字化整個代位求償生命週期。對於那些不熟悉代位求償的人來說，這是索賠過程中的一個步驟，每個保險公司都必須在每條 P&C 線路上執行，指的是保護消費者和保險公司免於在被保險人被認為沒有過錯或無過錯的情況下支付損失的過程只是部分過錯。代位求償每年影響數百億美元的索賠，並使保險公司每年花費超過 20 億美元的估計管理費用。

Historically, subrogation has been a highly manual and time-intensive process and digitizing it is a natural extension of our STP vision and platform strategy. Safekeep technology uses AI and automated workflows to streamline the entire subrogation process, addressing a key pain point that our insurance customers have been asking us to solve.

從歷史上看，代位權一直是一個高度手動且耗時的過程，將其數字化是我們 STP 願景和平台戰略的自然延伸。 Safekeep 技術使用人工智能和自動化工作流程來簡化整個代位求償過程，解決我們的保險客戶一直要求我們解決的一個關鍵痛點。

This gives us an exciting new cross-sell opportunity with our carrier customers and also extends us beyond auto as the Safekeep platform addresses subrogation across any P&C line. We are excited to welcome the Safekeep team to CCC. This acquisition is indicative of the opportunity we have to deliver additional value to our network through new inorganic products deployed on the CCC cloud.

這為我們提供了一個令人興奮的與承運人客戶交叉銷售的新機會，並將我們擴展到汽車之外，因為 Safekeep 平台解決了任何財產和意外險產品線的代位求償問題。我們很高興歡迎 Safekeep 團隊加入 CCC。此次收購表明我們有機會通過部署在 CCC 雲上的新無機產品為我們的網絡提供額外價值。

As we look ahead to 2022, we believe CCC is in a great position to build upon this success and work even more closely with all participants in the auto insurance economy. Our focus is on leveraging and expanding upon our unique and comprehensive cloud platform to fully digitize the P&C insurance economy by delivering on our STP vision. This includes expanding adoption and use cases for our solutions.

展望 2022 年，我們相信 CCC 能夠在這一成功的基礎上再接再厲，並與汽車保險經濟的所有參與者更加緊密地合作。我們的重點是利用和擴展我們獨特而全面的雲平台，通過實現我們的 STP 願景，使 P&C 保險經濟完全數字化。這包括擴大我們解決方案的採用和用例。

We will be broadening our AI capabilities to allow us to capture more estimate use cases, as well as extending our STP capabilities into new workflows, like subrogation and payments. We're also focused on growing our capabilities and diagnostics to create even more value and drive greater efficiency for our repair facilities and other customers. We are excited about the opportunity to meaningfully increase adoption of these new solutions over the course of 2022.

我們將擴展我們的 AI 功能，使我們能夠捕獲更多的估計用例，並將我們的 STP 功能擴展到新的工作流程中，例如代位求償和支付。我們還專注於提高我們的能力和診斷能力，從而為我們的維修設施和其他客戶創造更多價值並提高效率。我們很高興有機會在 2022 年期間有意義地增加對這些新解決方案的採用。

We will also invest in our people to support our growth objectives. Our employees are the lifeblood of CCC and our success as a company. Ensuring that we are developing and supporting our current and future employees is a top priority for me and the senior leadership team. To that end, we were thrilled to recently open our new design center in downtown Chicago. This state-of-the-art facility that also serves as our new headquarters, is purpose built to facilitate innovation and collaboration by our employees. We're also increasing our focus on leveraging the increase in remote work opportunities by recruiting highly qualified candidates in new regions around the world.

我們還將投資於我們的員工，以支持我們的增長目標。我們的員工是 CCC 的命脈，也是我們公司成功的源泉。確保我們正在發展和支持我們當前和未來的員工是我和高級領導團隊的首要任務。為此，我們很高興最近在芝加哥市中心開設了我們的新設計中心。這個最先進的設施也是我們的新總部，旨在促進我們員工的創新和協作。我們還通過在世界各地的新地區招聘高素質的候選人，更加註重利用遠程工作機會的增加。

Finally, we will pursue opportunities to deepen and expand our platform through alliances and target M&A. Our open platform and deep customer relationships make CCC an ideal partner for any technology provider looking to serve the P&C insurance economy. We believe there are significant opportunities to enhance the value of our platform and increase our network effect by using alliances and M&A to provide new growth opportunities for CCC. Overall, we feel very good about the state of our business and our ability to generate substantial value for our customers and our shareholders.

最後，我們將尋求機會通過聯盟和有針對性的併購來深化和擴展我們的平台。我們的開放平台和深厚的客戶關係使 CCC 成為任何希望為 P&C 保險經濟服務的技術提供商的理想合作夥伴。我們相信，通過聯盟和併購為 CCC 提供新的增長機會，有很多機會可以提升我們平台的價值並增加我們的網絡效應。總的來說，我們對我們的業務狀況以及我們為客戶和股東創造可觀價值的能力感到非常滿意。

Now I'd 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您的問題。

Thanks, Githesh. Today, I'll review our fourth quarter and fiscal year 2021 results and also provide guidance for the first quarter and full year of 2022. Total revenue for the fourth quarter was a $187.1 million, up 19% 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 2020. 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.

謝謝，吉塞什。今天，我將回顧我們第四季度和 2021 財年的業績，並為 2022 年第一季度和全年提供指導。第四季度的總收入為 1.871 億美元，比上年同期增長 19%（調整後）基礎。我們在調整後的基礎上看待增長，這從我們 2020 年的收入中排除了我們在 2020 年底剝離的部分傷亡產品線、臨床專業服務。我們相信這提供了對業務潛在增長的最佳看法，所以我們的季度業績可以在類似的基礎上查看。

From a trend perspective, 19% growth is the sixth sequential quarter of accelerating year-over-year revenue growth. Growth in the quarter was primarily driven by strong cross-sell and up-sell activity, including the impact of several large renewals signed in the quarter, with expanding solution bundles and also deals closed earlier in the year that contained sizable increases in revenue. We also saw continued strength in new logos, largely in part suppliers and repair facilities.

從趨勢的角度來看，19% 的增長是連續第六個季度收入同比加速增長。本季度的增長主要受到強勁的交叉銷售和追加銷售活動的推動，包括本季度簽署的幾項大型續約的影響、不斷擴大的解決方案捆綁包以及今年早些時候完成的交易，這些交易包含收入的大幅增長。我們還看到新標識的持續增長，主要是零件供應商和維修設施。

We are pleased with our performance in the quarter and the underlying momentum in the business, which only had a limited benefit from transactional volume recoveries in the quarter and only 1% impact on total growth for the full year. I do want to highlight that, in the fourth quarter, we had approximately $4 million of non-recurring revenue, which contributed approximately 2 points of growth, most of which was anticipated in our guidance. The non-recurring revenue related to 2 items, a Chinese customer renewal that included several months of catch-up revenue and also some year-end true-ups that happened in Q4 and will reset in 2022.

我們對本季度的業績和業務的潛在勢頭感到滿意，本季度的交易量恢復對業務的影響有限，對全年總增長的影響僅為 1%。我確實想強調的是，在第四季度，我們有大約 400 萬美元的非經常性收入，這貢獻了大約 2 個增長點，其中大部分都在我們的指導中有所預期。非經常性收入與 2 個項目相關，一個是中國客戶續約，包括幾個月的追趕收入，還有一些發生在第四季度並將在 2022 年重置的年終調整。

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 Q4 '21, it was 98%, which is consistent with our historical levels. We believe that our software GDR reflects the value we provide to our customers and the stickiness of the network effect. Software GDR is a core tenant of our predictable and resilient revenue model.

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 年第四季度，這一比例為 98%，這與我們的歷史水平一致。我們認為我們的軟件 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租戶。

Software Net Dollar Retention or NDR captures the amount of cross-sell and up-sell from our existing customers compared to the prior year period, as well as volume movements within our client base. In Q4 '21, software NDR was [115%]. Similar to last quarter, software NDR was above our historical range. The consistently strong NDR we delivered throughout 2021 is a demonstration of the breadth of our cross-sell opportunities, as we benefit from new solutions like Engage, mobile AI, as well as large client renewals that expanded adoption of some of our more traditional products.

Software Net Dollar Retention 或 NDR 捕獲了我們現有客戶與去年同期相比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 年第四季度，軟件 NDR 為 [115%]。與上一季度類似，軟件 NDR 高於我們的歷史範圍。我們在整個 2021 年交付的持續強勁的 NDR 證明了我們交叉銷售機會的廣度，因為我們受益於 Engage、移動 AI 等新解決方案，以及擴大了我們一些更傳統產品的採用的大客戶續約。

We are well-positioned to drive strong cross-sell and up-sell activities going forward. But it is also important to keep in mind that as we move throughout 2022, we will face tougher comps against the strong NDR performance, especially in Q3 and Q4. Software NDR is a key driver of our growth, given that the majority of our subscription revenue comes from our existing client base.

我們有能力推動強大的交叉銷售和追加銷售活動向前發展。但同樣重要的是要記住，隨著我們在整個 2022 年的發展，我們將面對更強大的 NDR 表現，尤其是在第三季度和第四季度。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 in our press release. Adjusted gross profit in the quarter was $147 million with adjusted gross profit margin of 79% compared to an adjusted gross profit margin of 76% in the fourth quarter of last year. Adjusted gross profit benefited from the increased scale of the business and the relatively fixed and semi-fixed cost base within our cost of revenue, as well as the $4 million of non-recurring revenue I mentioned earlier.

現在更詳細地審查損益表，作為提醒，除非另有說明，否則所有指標都是非 GAAP，我們在新聞稿中提供了 GAAP 與非 GAAP 的對賬。本季度調整後毛利潤為 1.47 億美元，調整後毛利率為 79%，而去年第四季度調整後毛利率為 76%。調整後的毛利得益於業務規模的擴大和我們收入成本中相對固定和半固定的成本基礎，以及我之前提到的 400 萬美元的非經常性收入。

Turning to our operating expenses, non-GAAP operating expenses were $77.7 million. Our cost base remained somewhat lower than we anticipated due to hiring being below our plan, coupled with lower discretionary costs like travel due to the ongoing effects of COVID. Adjusted EBITDA for the quarter was $75.7 million with a 40% adjusted EBITDA margin. Adjusted EBITDA grew 30% year-over-year. This was a strong profitability performance that reflects the revenue over performance and the expense favorability I just referenced.

談到我們的運營費用，非 GAAP 運營費用為 7770 萬美元。由於招聘低於我們的計劃，加上由於 COVID 的持續影響，旅行等可自由支配的成本較低，我們的成本基數仍低於我們的預期。本季度調整後的 EBITDA 為 7570 萬美元，調整後的 EBITDA 利潤率為 40%。調整後的 EBITDA 同比增長 30%。這是一個強勁的盈利表現，反映了收入超過業績和我剛才提到的費用偏好。

Turning to the balance sheet and cash flow. We ended the quarter with $183 million in cash and cash equivalents and $800 million of debt. At the end of the quarter, our net leverage was approximately 2.4x adjusted EBITDA. Free cash flow in the quarter was $17.3 million compared to $30.9 million in the prior year period. Looking at cash flow on an unlevered basis, in 2021, we converted 53% of adjusted EBITDA into unlevered free cash flow.

轉向資產負債表和現金流量。本季度末，我們擁有 1.83 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，我們的淨槓桿約為調整後 EBITDA 的 2.4 倍。本季度的自由現金流為 1730 萬美元，而去年同期為 3090 萬美元。從無槓桿的現金流來看，2021 年，我們將 53% 的調整後 EBITDA 轉換為無槓桿的自由現金流。

We did have several one-time items that impacted the cash flow during the year, including transaction costs related to taking the company public and the investments in our new headquarters. If you adjust for these items, cash conversion would have been in the low 60s and consistent with our historical performance.

我們確實有幾個一次性項目影響了這一年的現金流量，包括與公司上市相關的交易成本和對我們新總部的投資。如果您針對這些項目進行調整，現金轉換率將處於 60 左右，與我們的歷史表現一致。

Now, I'd like to finish with guidance beginning in the first quarter. We expect total revenue of $182.5 million to a $184.5 million. This represents 16% year-over-year growth at the midpoint. We expect adjusted EBITDA between $70 million to $72 million, which represents a 36% adjusted EBITDA margin at the midpoint. For the full year 2022, we expect revenue of $760 million to $768 million, which is a 11% year-over-year growth at the midpoint. We expect adjusted EBITDA of $286 million to $292 million, which represents a 38% adjusted EBITDA margin at the midpoint.

現在，我想以第一季度開始的指導結束。我們預計總收入為 1.825 億美元至 1.845 億美元。這代表中點同比增長 16%。我們預計調整後的 EBITDA 在 7,000 萬美元至 7,200 萬美元之間，這意味著調整後的 EBITDA 利潤率在中點為 36%。對於 2022 年全年，我們預計收入為 7.6 億美元至 7.68 億美元，按中點計算同比增長 11%。我們預計調整後的 EBITDA 為 2.86 億美元至 2.92 億美元，這相當於 38% 的調整後 EBITDA 利潤率中點。

There are several things that I would keep in mind as we think about our guidance for 2022. It calls for another strong year of growth above our long-term organic revenue target of 7% to 10%. In terms of the revenue plan, our outlook reflects our confidence in the underlying momentum of the business. When you think about building your models throughout the year, we expect sequentially dollar growth in Q2 through Q4 to be broadly consistent each quarter. Also keep in mind that our revenue growth in the first half of the year benefits from the easier comps compared to the first half of 2021.

在我們考慮 2022 年的指導方針時，我會牢記幾件事。它要求又一個強勁的增長年，高於我們 7% 至 10% 的長期有機收入目標。就收入計劃而言，我們的前景反映了我們對業務潛在勢頭的信心。當您考慮全年構建模型時，我們預計第二季度至第四季度的連續美元增長每個季度大致保持一致。另請記住，與 2021 年上半年相比，我們上半年的收入增長得益於更容易的競爭。

In terms of revenue mix, we continue to see growth shift more towards cross-sell and up-sell versus new logos, similar to what we started to see in 2021. This reflects the growing solution portfolio and the amount of innovation that we've introduced into the market. In terms of profitability, we are forecasting similar adjusted EBITDA margins to 2021.

在收入組合方面，我們繼續看到增長更多地轉向交叉銷售和追加銷售，而不是新標識，這與我們在 2021 年開始看到的情況類似。這反映了解決方案組合的不斷增長和我們的創新數量引入市場。就盈利能力而言，我們預測調整後的 EBITDA 利潤率與 2021 年相似。

We've generated outsized margin expansion in recent years, going from 30% adjusted EBITDA margin at the end of 2019 to 38% adjusted EBITDA margin at the end of last year. We remain focused on investing in our growth initiatives, including absorbing the cost base in ongoing investment of the Safekeep acquisition. At the same time, we do remain confident, we can achieve our long-term target of 45% adjusted EBITDA margin.

近年來，我們的利潤率大幅增長，從 2019 年底的 30% 調整後 EBITDA 利潤率增加到去年年底的 38% 調整後 EBITDA 利潤率。我們仍然專注於投資我們的增長計劃，包括吸收正在進行的 Safekeep 收購投資的成本基礎。與此同時，我們仍然有信心，我們可以實現 45% 調整後 EBITDA 利潤率的長期目標。

Q1 will reflect the continuous investment we are making across the business, as well as the $4 million of non-recurring revenue in Q4, which fell to the bottom line and will not repeat. We do expect Q2 profitability to be lower than Q1 due to the phasing of costs and the timing of our annual industry conference. We then expect profitability to grow sequentially each quarter in the back half of the year.

第一季度將反映我們對整個業務的持續投資，以及第四季度 400 萬美元的非經常性收入，該收入已降至底線，不再重複。由於成本分階段和年度行業會議的時間安排，我們確實預計第二季度的盈利能力將低於第一季度。然後，我們預計盈利能力將在今年下半年每個季度連續增長。

Finally, we believe Safekeep is a strong strategic fit and provides good long-term growth opportunity. However, this is an early-stage business and does not have meaningful recurring revenue and is immaterial to our revenue guidance for 2022. So to wrap up, 2021 was a strong year for CCC, with revenue growth and profitability exceeding our guidance for the year.

最後，我們相信 Safekeep 是一個強有力的戰略契合點，並提供良好的長期增長機會。然而，這是一項早期業務，沒有有意義的經常性收入，對我們 2022 年的收入指引並不重要。總而言之，2021 年對 CCC 來說是強勁的一年，收入增長和盈利能力超過了我們當年的指引.

We have a robust product development road map that we're investing in and we believe will drive additional value for our customers as they continue to invest to digitize their operations. Overall, CCC is performing at a high level and we believe the combination of attractive growth and high profitability can deliver a long-term value for our shareholders.

我們有一個我們正在投資的強大的產品開發路線圖，我們相信這將為我們的客戶帶來額外的價值，因為他們會繼續投資以數字化他們的運營。總體而言，CCC 的表現處於高水平，我們相信有吸引力的增長和高盈利能力的結合可以為我們的股東帶來長期價值。

With that Operator, we're now ready to take questions.

有了那個接線員，我們現在就可以回答問題了。

(Operator Instructions) Our first question comes from the line of Bhavan Suri with William Blair.

（操作員說明）我們的第一個問題來自 Bhavan Suri 與 William Blair 的對話。

It's Dylan on for Bhavan. I wanted to maybe start on the STPs and maybe how they serves as an easy on-ramp for some of the AI tools you've kind of talked about as well here. But maybe how should we be thinking about the market potential and STP? Is it a share of maybe some of the savings you're driving for customers? How can a Safekeep maybe plays into this and maybe some of the long-term initiatives for the STP and AI components?

Bhavan 輪到 Dylan 了。我可能想從 STP 開始，也許它們如何作為您在這裡也談到過的一些 AI 工具的簡單入口。但也許我們應該如何考慮市場潛力和 STP？它可能是您為客戶節省的一些費用的一部分嗎？ Safekeep 如何參與其中，以及 STP 和 AI 組件的一些長期計劃？

Sure. This is Githesh. It's really -- you have to think about it in 2 parts. What we've introduced first is Estimate-STP. So Estimate-STP is a component of the overall STP or straight-through processing capability. As we mentioned before, each claim leads to a hundreds of different activities or transactions. So one of the hardest steps is really taking the estimate from the accident and the photo to what is this going to cost to repair and that's really what Estimate-STP does.

當然。這是 Githesh。這真的——你必須分兩部分來考慮。我們首先介紹的是Estimate-STP。因此 Estimate-STP 是整個 STP 或直通處理能力的一個組成部分。正如我們之前提到的，每項索賠都會導致數百種不同的活動或交易。因此，最困難的步驟之一實際上是從事故和照片中估算出維修成本，而這正是 Estimate-STP 所做的。

So what we've done with several and many other components is this also gives us an entry point, a demonstration to customers that we've been able to deliver, Estimate-STP, which is one of the hardest AI problems to solve at scale and it gives us great ability to deliver other components of STP, hence the several acquisition of Safekeep. Does that help?

因此，我們對幾個和許多其他組件所做的是，這也為我們提供了一個切入點，向客戶展示了我們已經能夠交付的 Estimate-STP，這是大規模解決的最難的 AI 問題之一它使我們有能力交付 STP 的其他組件，因此多次收購了 Safekeep。這有幫助嗎？

Yes. That's very helpful, I guess to maybe building off of that and maybe this is a little bit more of a longer-term kind of potential opportunity here. But thinking about kind of some of the fraud dynamics that takes place across kind of the claims life-cycle as well. You have a lot of data kind of running across your platform here, insights maybe from the AI pieces. But thinking, I guess, maybe, what our carriers here thinking and analyzing kind of into the fraud dynamics and the value that you can derive to better address the fraud that they're seeing across their solutions as well?

是的。這非常有幫助，我想也許可以以此為基礎，也許這是一種更長期的潛在機會。但想想在索賠生命週期中也發生的一些欺詐動態。你有很多數據在你的平台上運行，洞察力可能來自 AI 部分。但是，我想，也許，我們的運營商在思考和分析欺詐動態以及您可以從中獲得的價值，以更好地解決他們在他們的解決方案中看到的欺詐行為？

Yes, we do we do some of that already. For example, our platforms are connected real time to National Insurance Crime Bureau. We have a large volume, a trillion dollars of historical data to look at claims that have been reported across carrier opportunities. So as the technology evolves, clearly, there are opportunities to help protect against that and we do see that as a key component of our overall STP vision.

是的，我們已經做了一些。例如，我們的平台實時連接到國家保險犯罪局。我們有大量的、一萬億美元的歷史數據來查看承運商機會報告的索賠。因此，隨著技術的發展，很明顯，有機會幫助防止這種情況發生，我們確實將其視為我們整體 STP 願景的關鍵組成部分。

Our next question comes from the line of Chris Moore with CJS Securities.

我們的下一個問題來自 CJS 證券公司的 Chris Moore。

Just with the organic growth for the quarter is 19%, software NDR was [115%]. Is it too simple to say the new logos are probably 4% or so in the quarter?

僅本季度的有機增長率為 19%，軟件 NDR 為 [115%]。說新標識在本季度大概是 4% 左右是不是太簡單了？

Hey, Chris. Brian here. Yes, that's right. So if you break down the 19% NDR was [115%] and new logos was about 4%. So that is the math for the quarter.

嘿，克里斯。布賴恩在這裡。恩，那就對了。因此，如果您將 19% 的 NDR 分解為 [115%]，而新徽標約為 4%。這就是本季度的數學。

Got it. In terms of the '22 guide, how much trend -- and you may have said this, I may have missed it, how much transactional kind of volume recovery is incorporated in there?

知道了。就 22 年指南而言，有多少趨勢——你可能已經說過，我可能沒有註意到，其中包含了多少交易量恢復？

Yes, there is not much. I mean, we talked about in '21 having one point of recovery from volume and that's where we ended up in our '21 position. As we look forward on the guidance, we have less than that going into '22, so it's less than a point. So we're not expecting -- we're not baking into the plan of further recovery. And we do expect recovery to come back, but we don't know the timing or the phasing and so what that looks like coming back in. So we have not assumed further recovery in our plan.

是的，沒有多少。我的意思是，我們在 21 年談到了從成交量中恢復一個點，這就是我們最終處於 21 年位置的地方。當我們期待指導時，進入 22 年時我們的指導要少，所以還不到一點。所以我們不期待——我們沒有考慮進一步復甦的計劃。我們確實預計復甦會回來，但我們不知道時間或階段，也不知道復甦會是什麼樣子。所以我們沒有假設我們的計劃會進一步復甦。

Got it. And last one for me, probably get a little spoiled, for you guys level and precision of guidance '21 -- '22 is 11%, your normal range is 7% to 10%. From where we're sitting today, '23 is probably best to look at from that normal range?

知道了。最後一個對我來說，可能有點被寵壞了，你們的指導水平和精度 '21 - '22 是 11%，你們的正常範圍是 7% 到 10%。從我們今天所處的位置來看，'23 可能是從正常範圍來看最好的？

Yes, that's right. We're not adjusting anything beyond where we are today. So I would say, as we think beyond '22, we're very focused on our organic revenue guidance that we've provided of 7% to 10%.

恩，那就對了。我們不會調整任何超出我們今天的水平。所以我想說，正如我們對 22 年以後的思考，我們非常關注我們提供的 7% 到 10% 的有機收入指導。

Our next question comes from the line of Jackson Ader with JPMorgan.

我們的下一個問題來自摩根大通的 Jackson Ader。

Hi, this is Maya on for Jackson. So talking about some of the large multiyear renewals, when do you typically see large customers engaging with you and are there typical renewal cycles that you can forecast?

嗨，我是傑克遜的瑪雅人。因此，談到一些大型的多年續訂，您通常什麼時候會看到大客戶與您互動，您是否可以預測典型的續訂週期？

Maya, first of all, great to have you on. I would just say that many of our customers, if not most of our customers, have been customers for 20 plus years. So yes, there is a pattern of renewals like some of the contracts indicated, were 5-year renewals. So yes, some of those renewals will come up 5 years from now, but what also happens in our business is that customers, as we introduce new solutions, many of our customers are adopting those new solutions.

瑪雅，首先，很高興你加入。我只想說，我們的許多客戶，如果不是我們的大部分客戶，已經成為客戶 20 多年了。所以是的，有一種續約模式，就像某些合同所示，是 5 年續約。所以，是的，其中一些更新將在 5 年後出現，但我們的業務中也會發生這樣的情況，即隨著我們推出新的解決方案，我們的許多客戶都在採用這些新解決方案。

And as part of adopting additional bundles, additional solutions, sometimes they say, "hey, would love the predictability of actually extending the contract for the route while we adapt the solutions." So it can happen both ways. People just adopt new solutions or people adopt new solutions and say, "I'm going to extend it a little further." And sometimes it comes based on contract cycles. This is one of the reasons I wanted to quote the top 25 carriers alone, we have about a billion dollars of visibility for the next few years in contracted revenue.

作為採用額外捆綁包、額外解決方案的一部分，有時他們會說，“嘿，在我們調整解決方案的同時，會喜歡實際延長路線合同的可預測性。”所以它可以雙向發生。人們只是採用新的解決方案，或者人們採用新的解決方案並說，“我要進一步擴展它。”有時它是基於合同周期而來的。這是我想單獨引用前 25 家運營商的原因之一，我們在未來幾年的合同收入中有大約 10 億美元的知名度。

Got it. That's really helpful. And then just going off of that in terms of having high visibility for this year, how does that compare to some of the revenue coverage that you would have gained in the previous years?

知道了。這真的很有幫助。然後就今年的高知名度而言，這與你在前幾年獲得的一些收入覆蓋率相比如何？

I would not say it is anything particularly unusual. This is just -- this is a normal pattern that we've seen for 20, 25 plus years and is a fundamental reason we maintain a net promoter score of 80, which as you know for enterprise software is leading edge. That means customers who really deliver great solutions for customers, drive a really great NPS, and that's really important to these long-term relationships.

我不會說這有什麼特別不尋常的地方。這只是 - 這是我們已經看到 20 年、25 年多的正常模式，這是我們保持 80 分淨推薦值的根本原因，正如您所知，這對於企業軟件來說是領先優勢。這意味著真正為客戶提供出色解決方案的客戶，推動了真正出色的 NPS，這對這些長期關係非常重要。

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

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

Githesh, can you talk a little bit, actually going back into those bigger contracts. So when you're talking to those customers about up-sells or cross-sells in this case, I guess. Is that competitive? Are there other solutions that they're baking you off against? Is it more of a just an ability for them to be at the point where they can start thinking through the process changes required to take on this technology? I'm just kind of curious, what sort of -- if there's any gating factors or it's just sort of working through the sales process with them?

Githesh，你能談談嗎，實際上回到那些更大的合同。因此，我猜，當您在這種情況下與這些客戶談論追加銷售或交叉銷售時。那有競爭力嗎？他們是否還有其他解決方案讓您望而卻步？對他們來說，是否更像是一種能力，讓他們能夠開始思考採用這項技術所需的流程變化？我只是有點好奇，什麼樣的 - 如果有任何門控因素，或者只是與他們一起完成銷售過程？

Yes. I mean, look, there are always competitive issues, right? That's always a given. But the fundamental difference between what we offer versus Single Point Solutions is that we offer a truly end-to-end solution. So all the way from connecting to your consumers, all the way through thousands of your employees, making hundreds and hundreds of decisions per day, all the way through to repair facilities, parts providers. So we provide a seamless end-to-end integration. And so that's a huge differentiation for CCC.

是的。我的意思是，看，總是存在競爭問題，對嗎？這總是給定的。但我們提供的產品與單點解決方案之間的根本區別在於，我們提供的是真正的端到端解決方案。因此，從連接到您的消費者，一直到您的數千名員工，每天做出成百上千的決定，一直到維修設施、零件供應商。因此，我們提供無縫的端到端集成。因此，這對 CCC 來說是一個巨大的差異化。

Second, because our cloud is already deeply integrated into customers' platforms, it makes it easier for customers to start testing, piloting, and really lighting up and testing out new solutions. So as customers pilot, light up, and test new solutions that are fully integrated, it becomes more of a "hey, did the solution have the impact that we were hoping it would have. Oh, yes, it had the impact. We're really thrilled with it." So a lot of customers, for example, when I talked about Estimate-STP, lot of people said this has never been done in the world before, can it really happen? When they tested it and used it, in fact, one customer commented to another customer, it actually works better than CCC advertised it. So it's really a matter of piloting and testing and getting it up and running. So those are really the issues.

其次，因為我們的雲已經深度集成到客戶的平台中，它使客戶更容易開始測試、試點，並真正點亮和測試新的解決方案。因此，隨著客戶試用、點亮和測試完全集成的新解決方案，它變得更像是“嘿，該解決方案是否產生了我們希望產生的影響。哦，是的，它產生了影響。我們”我們真的很興奮。”所以很多客戶，比如我講Estimate-STP的時候，很多人說這個在世界上從來沒有做過，真的可以嗎？當他們測試並使用它時，事實上，一位客戶向另一位客戶評論說，它實際上比 CCC 宣傳的要好用。因此，這實際上是一個試點和測試以及啟動和運行的問題。所以這些才是真正的問題。

That's helpful. And then Brian, when we think about these up-sell opportunities with your customers, just the revenue base serve automatically revert higher to the extent they're buying your products from you? Or is this something safer or the bigger, the top 5 or the 2 of the top 5 that you up-sold this quarter? Will that revenue from these new products sort of blend in over time? I'm just trying to get a sense on how those contracts work from a rev rec perspective?

這很有幫助。然後 Brian，當我們考慮與您的客戶進行這些向上銷售的機會時，只是收入基礎服務會自動恢復到更高的水平，以達到他們從您那裡購買您的產品的程度嗎？或者這是更安全或更大的東西，前 5 名或前 5 名中的 2 名是您本季度銷售的？這些新產品的收入會隨著時間的推移而融合嗎？我只是想從 rev rec 的角度了解這些合同是如何運作的？

Yes, it's a bit of both. So some of the deals they'll bring in products like Engage and for the MSO and roll it out across their base. And that will just start to be in the base going forward. Other products like STP, where we've cross-sold, we'll build over time, as they continue to adopt that technology. So it's not a pure one way or the other, some of it will step up immediately and kind of be part of the base and some will build over time. So we see both varieties.

是的，兩者兼而有之。因此，他們會為 MSO 帶來一些產品，如 Engage，並將其推廣到他們的基地。這將開始在未來的基礎上。其他產品，如我們交叉銷售的 STP，我們將隨著時間的推移不斷構建，因為他們將繼續採用該技術。所以這不是一種純粹的方式，其中一些會立即加強並成為基礎的一部分，而另一些會隨著時間的推移而建立。所以我們看到了這兩個品種。

Our next question comes from the line of Gary Prestopino with Barrington Research.

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

Hey, Githesh or Brian, can you give us some idea of what your software, NDR was 2 or 3 years ago versus where it is now? And then I have another one I want to ask on Safekeep.

嘿，Githesh 或 Brian，你能告訴我們你的軟件 NDR 在 2 或 3 年前與現在的情況相比是什麼嗎？然後我有另一個我想在 Safekeep 上問。

Yes, that's fine. Yes, if you look at where NDR was a couple of years back and kind of go beyond COVID year, it was around 106%, 107%, so that's kind of our historical trend. So we clearly are trending over those historical rates in the NDRs that we've delivered in '21.

是的，沒關係。是的，如果你看看幾年前 NDR 的位置，並且有點超過 COVID 年，它大約是 106%、107%，所以這是我們的歷史趨勢。因此，我們顯然正在趨勢於我們在 21 年交付的 NDR 中的那些歷史利率。

In terms of if it's 106% and you are at what, [115%], so we're talking about 900 basis points of growth and a lot of that I assume is really going to be from new uptake of new products and higher-priced products, et cetera. Is that correct?

如果它是 106% 而你是什麼，[115%]，所以我們談論的是 900 個基點的增長，我認為其中很多實際上將來自新產品的新吸收和更高 -定價產品等。那是對的嗎？

Yes, it is. There's a few things that are going on, right? So if you look at the blended rate over the 4 quarters of NDR, it's about 111% is kind of what we averaged across '21. There's a few things going on in that. One is these large expansion deals that we've talked about, they've set a foundation for this accelerated rate across the top carriers. We saw it in the top MSOs. We also have seen good mobile AI, Engage adoption system of our digital solutions, we're seeing adoption across the broad client base. And then we're also seeing pickup in up-sell at the repair facilities and seeing that up-sell at the client base. So all of those are contributing.

是的。有一些事情正在發生，對吧？因此，如果您查看 NDR 四個季度的混合利率，大約 111% 是我們在 21 年的平均水平。有一些事情正在發生。一個是我們談到的這些大型擴張交易，它們為頂級運營商的這種加速速度奠定了基礎。我們在頂級 MSO 中看到了它。我們還看到了良好的移動人工智能，參與我們數字解決方案的採用系統，我們看到在廣泛的客戶群中採用。然後我們還看到維修設施的追加銷售有所增加，並在客戶群中看到了追加銷售。所以所有這些都在做出貢獻。

The other factor that you'd need to note is we have highlighted that cross-sell will be a larger proportion of our growth going forward. So if you look back historically, cross-sell has been about 2/3 of our growth. We've been highlighting that that's going to move to more like 80% of our total growth going forward and we're starting to see that play out in '21 and expect that trend to continue in '22 and beyond. So that's another factor that's playing through.

您需要注意的另一個因素是，我們強調交叉銷售將占我們未來增長的更大比例。因此，如果回顧歷史，交叉銷售約占我們增長的 2/3。我們一直在強調，未來這將占我們總增長的 80%，我們開始看到它在 21 年發揮作用，並預計這種趨勢將在 22 年及以後繼續。所以這是另一個正在發揮作用的因素。

Okay. And then very quickly, Githesh, the Safekeep acquisition sounds interesting, but I guess, you kind of alluded to that it was a newer technology that hadn't really been deployed in the market. What do you have to do if anything to tweak it to get it to where you want it to be? And was the fact that it wasn't out there in the market, that it was just a single-point solution and they just could not compete?

好的。然後很快，Githesh，Safekeep 的收購聽起來很有趣，但我想，你有點暗示這是一種尚未真正在市場上部署的新技術。如果需要調整它以使其到達您想要的位置，您需要做什麼？是不是市場上沒有它，它只是一個單點解決方案，他們就是無法競爭？

Hey, Gary. I would say, fundamentally, what we saw with Safekeep is that they had solved some really hard problems, right? So subrogation is the process by which you're saying who is at fault? Where should I collect money from et cetera? And there's a lot of complexity. So the team has done a fabulous job of understanding, building the technology.

嘿，加里。我想說，從根本上說，我們在 Safekeep 上看到的是他們解決了一些非常困難的問題，對吧？所以代位求償是你說誰有過錯的過程？我應該從哪裡收錢等等？而且有很多複雜性。因此，該團隊在理解和構建技術方面做得非常出色。

And frankly, when we went around talking to a lot of their customers, early customers that they had who were in pilot and early test and the feedback was just simply outstanding. It's one of those things where we could say, look, we can take a few years or we could really go with the solution and best of all, we love the team. Jeff, the CEO, the leadership team, fabulous team and then when you put that capability on our platform, where you now can deliver to customers an end-to-end solution, we feel we can really accelerate the movement of this technology through, and it fits exactly into our STP -- overall STP vision.

坦率地說，當我們四處與他們的許多客戶交談時，他們的早期客戶正在進行試點和早期測試，反饋非常出色。這是我們可以說的事情之一，看，我們可以花幾年時間，或者我們可以真正採用解決方案，最重要的是，我們熱愛團隊。 Jeff，首席執行官，領導團隊，出色的團隊，然後當您將這種能力放在我們的平台上時，您現在可以在平台上為客戶提供端到端的解決方案，我們覺得我們可以通過以下方式真正加速這項技術的發展，它完全符合我們的 STP——整體 STP 願景。

Our next question comes from the line of Yitchuin Wong with Citi.

我們的下一個問題來自花旗銀行的 Yitchuin Wong。

Githesh, I think you talked about the meaningful expansion with 2 of your top 10 P&C clients. I'm wondering, are those expansion like kind of came in, in regards to what you are expecting on -- before? And then, also what are some of the products that was added or products that was not added as surprise this year? Can you give us a little more detail there?

Githesh，我想你曾與前 10 大 P&C 客戶中的 2 位談到了有意義的擴張。我想知道，就您之前的期望而言，這些擴展是否有點像進來了？然後，今年還有哪些令人驚喜的新增或未新增產品？你能告訴我們更多細節嗎？

Yes. So first of all, I would say, there were no surprises. Because we worked with our core customers for a very long time, both our repair customers, our multi-store operator customers, our insurance customers. We're also working well ahead of time in piloting, testing, seeing the results. So there's really no surprises. It's that the timing sometimes on these larger complex things, sometimes it takes a few months, sometimes it can take a year, sometimes can take longer, so no real surprises as such.

是的。所以首先，我想說，沒有驚喜。因為我們與我們的核心客戶合作了很長時間，包括我們的維修客戶、我們的多店運營商客戶、我們的保險客戶。我們還在試點、測試和看到結果方面提前做好了工作。所以真的沒有驚喜。有時在這些更大的複雜事物上的時間安排，有時需要幾個月，有時可能需要一年，有時可能需要更長的時間，所以沒有真正的驚喜。

Okay. I guess how much of that expansion is kind of into AI mobile area?. I mean, if it's small to begin with, do you see that percentage growing bigger towards the later stage of the contract?

好的。我想這種擴展有多少是進入了 AI 移動領域？我的意思是，如果開始時它很小，您是否看到該百分比在合同後期變得更大？

Yes. We do see that element, especially on the carrier side, especially that element of AI Estimate-STP. And there was a number of new solutions, some are already established products we had. And then as more customers adopt mobile AI, as well as in some instances existing solutions that they have not rolled out in previous years, they saw the benefit of rolling those solutions out. So it's a mix of new solutions, as well as existing solutions. And some of these solutions will ramp over time as the mix continues to change and more and more AI and other solutions could adopt it.

是的。我們確實看到了這個元素，尤其是在運營商方面，尤其是 AI Estimate-STP 的那個元素。並且有許多新的解決方案，有些是我們已經建立的產品。然後，隨著越來越多的客戶採用移動 AI，以及在某些情況下他們在前幾年未推出的現有解決方案，他們看到了推出這些解決方案的好處。所以它是新解決方案和現有解決方案的混合體。隨著組合的不斷變化，越來越多的人工智能和其他解決方案可以採用它，其中一些解決方案將隨著時間的推移而逐漸增加。

Thank you. Ladies and gentlemen that concludes our question-and-answer session. I will turn the floor back to Mr. Ramamurthy for any final comments.

謝謝。女士們先生們，我們的問答環節到此結束。我將把發言權轉回 Ramamurthy 先生，徵求任何最後意見。

Thanks to everybody for joining us and we really appreciate our shareholders being on the call and I look forward to giving you an update. So to wrap up, I'd just tell you that we are thrilled with how CCC performed in 2021, super excited about the opportunities in front of us in '22 and beyond. As we came out to the public markets, we set up some very clear objectives that we wanted to make sure we deliver and hopefully everyone feels good about what we're doing in that area.

感謝大家加入我們，我們非常感謝我們的股東接聽電話，我期待為您提供最新信息。所以總結一下，我只想告訴你，我們對 CCC 在 2021 年的表現感到非常興奮，對 22 年及以後擺在我們面前的機會感到非常興奮。當我們進入公開市場時，我們設定了一些非常明確的目標，我們希望確保我們能夠實現這些目標，並希望每個人都對我們在該領域所做的事情感到滿意。

I would also say that we're seeing positive demand trends across each of our product -- key product and customer segments. And as a result, we are seeing that the importance of investing in cloud-based digital technologies continues to grow among our customers and as we've said and we continue to reiterate, innovation, huge, huge part of what we're doing as we continue to deliver new solutions that help drive growth. And I also want to take this opportunity to wrap up and shout-out a huge thank you to all the CCC'ers who over the years, and particularly, the last year helped make all this happen. So we look forward to giving you further updates and thanks everybody for joining.

我還要說的是，我們在我們的每一種產品——關鍵產品和客戶群中都看到了積極的需求趨勢。因此，我們看到投資基於雲的數字技術的重要性在我們的客戶中持續增長，正如我們所說，我們繼續重申，創新，我們正在做的事情的巨大部分我們將繼續提供有助於推動增長的新解決方案。我也想藉此機會結束並大聲感謝所有 CCC 員工，感謝他們多年來，特別是去年幫助實現了這一切。因此，我們期待為您提供進一步的更新，並感謝大家的加入。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。