CCC Intelligent Solutions Holdings Inc (CCC) 2022 Q1 法說會逐字稿

Greetings, and welcome to the CCC Intelligent Solutions First Quarter 2022 Earnings Conference 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 from ICR. Please go ahead.

您好，歡迎來到 CCC Intelligent Solutions 2022 年第一季度收益電話會議（操作員說明）作為提醒，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 afternoon, and thank you for joining us today for CCC's First Quarter 2022 Financial Results, which we announced in a press release issued after the close of the market today. Joining me on the call today are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

下午好，感謝您今天加入我們，了解 CCC 的 2022 年第一季度財務業績，這是我們在今天收盤後發布的新聞稿中公佈的。今天和我一起參加電話會議的有 CCC 董事長兼首席執行官 Githesh Ramamurthy；和 CCC 的首席財務官 Brian Herb。

The forward-looking statements about made today on the company's results and plans are subject to risks and uncertainties [could cause] of the actual results and implementation of the company's plans to vary materially. These risks are discussed in the earnings release, [which] is available on our Investor Relations website and under the heading Risk Factors in our 2021 annual report on Form 10-K filed [with] the SEC. Further, these comments and the Q&A that files are copyrighted today by CCC Intelligence Solutions Holding Inc. Any recording or retransmission, reproduction or other use of the same for profit or otherwise without prior consent of CCC is prohibited [and in] violation of United States Copyright and other laws.

今天就公司業績和計劃作出的前瞻性陳述受到風險和不確定因素的影響，[可能導致]實際業績和公司計劃的實施發生重大變化。這些風險在收益發布中進行了討論，該發布可在我們的投資者關係網站上以及我們向美國證券交易委員會提交的 10-K 表格的 2021 年年度報告中的風險因素標題下找到。此外，這些評論和問答文件今天的版權歸 CCC Intelligence Solutions Holding Inc. 所有。未經 CCC 事先同意，禁止以營利為目的或以其他方式錄製或轉發、複製或以其他方式使用它們 [並且] 違反美國版權和其他法律。

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 our transcript.

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 regarding the company's financial condition and results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website.

請注意，今天電話會議的討論包括美國證券交易委員會定義的某些非 GAAP 財務措施。公司認為，這些非 GAAP 財務指標為管理層和投資者提供了有關公司財務狀況和經營業績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 strong top- and bottom-line results in the first quarter. We had solid performance across all parts of our business as customers continued to invest in our solutions to digitize their operations.

謝謝，布賴恩，感謝大家今天加入我們。我很高興地報告 CCC 在第一季度取得了強勁的頂線和底線結果。隨著客戶繼續投資於我們的解決方案以實現運營數字化，我們在所有業務領域都取得了穩健的業績。

I'd like to start by summarizing our financial results for the first quarter. Revenue was $186.8 million, up 18% year-over-year and ahead of our guidance range. Adjusted EBITDA was $73.7 million, which grew 33% year-over-year. This represents a 39% margin, up more than 400 basis points from the first quarter of 2021.

首先，我想總結一下我們第一季度的財務業績。收入為 1.868 億美元，同比增長 18%，超出我們的指導範圍。調整後的 EBITDA 為 7370 萬美元，同比增長 33%。這代表著 39% 的利潤率，比 2021 年第一季度高出 400 多個基點。

Our ability to deliver consistent and profitable growth across our business is driven in large part by our ability to solve the most pressing operational problems facing our customers' businesses. For them, digital transformation is not a nice-to-have, but critical to their long-term success, given several challenging macro factors, including rising inflation across the ecosystem, labor shortages made worse by increasing levels of retirement, and difficulties hiring technical staff who understand vehicle complexity in the tight labor market; and of course, supply chain challenges.

我們在整個業務中實現持續盈利增長的能力在很大程度上取決於我們解決客戶業務面臨的最緊迫運營問題的能力。對他們來說，數字化轉型並非可有可無，但對他們的長期成功至關重要，因為有幾個具有挑戰性的宏觀因素，包括整個生態系統的通貨膨脹率上升、勞動力短缺因退休水平提高而變得更糟，以及招聘技術人員困難在緊張的勞動力市場中了解車輛複雜性的員工；當然，還有供應鏈挑戰。

We increasingly hear from customers that these challenges are mission-critical issues that must be addressed to operate profitably. Adapting their businesses to address these challenges are an important background to what we believe are 3 key factors driving the digital transformation of the auto insurance economy that will underpin CCC's growth for years to come.

我們越來越多地從客戶那裡聽到，這些挑戰是關鍵任務問題，必須加以解決才能實現盈利。調整他們的業務以應對這些挑戰是我們認為推動汽車保險經濟數字化轉型的 3 個關鍵因素的重要背景，這將支撐 CCC 在未來幾年的增長。

First is the need for our customers to deliver a better experience to the consumer. Many of the current processes in the auto insurance economy are inefficient and leave significant room for improvement. These process gaps can drive less than optimal engagement with policyholders and create unnecessary friction among insurers, repair facilities and other industry participants. CCC's suite of cloud-based solutions automates insurer rules for many of the critical elements of the claims process, so insurers can focus on the more important paths and meet the heightened expectations of today's consumer.

首先是我們的客戶需要為消費者提供更好的體驗。汽車保險經濟中的許多當前流程效率低下，還有很大的改進空間。這些流程差距可能導致與保單持有人的接觸不盡如人意，並在保險公司、維修機構和其他行業參與者之間造成不必要的摩擦。 CCC 的基於雲的解決方案套件使保險公司對索賠過程中許多關鍵要素的規則自動化，因此保險公司可以專注於更重要的途徑並滿足當今消費者更高的期望。

Second is the benefits of a connected ecosystem. A key to eliminating the friction I just mentioned is to have a truly interconnected and multi-sited network that digitizes key aspects of the claims process. We have built by far the largest connected network in the industry and one that continues to expand. I will provide some more examples of this a little later.

其次是互聯生態系統的好處。消除我剛才提到的摩擦的關鍵是擁有一個真正互連的多站點網絡，將索賠流程的關鍵方面數字化。我們已經建立了迄今為止業內最大的互聯網絡，並且這個網絡還在不斷擴大。稍後我將提供更多這方面的例子。

Third is the power of AI to improve and accelerate decision-making. CCC has built a data set of more than $1 trillion worth of claims data over decades. We are incorporating AI across our product portfolio to help our customers deliver faster and better decisions across a range of solutions and process steps. CCC is in a unique position to help our customers benefit from these trends as they progress through their digital journeys. Our operational and financial performance in the first quarter reflects our success.

第三是人工智能改進和加速決策的力量。 CCC 幾十年來建立了價值超過 1 萬億美元的索賠數據的數據集。我們正在將 AI 整合到我們的產品組合中，以幫助我們的客戶在一系列解決方案和流程步驟中做出更快、更好的決策。 CCC 處於獨特的地位，可以幫助我們的客戶在數字化之旅中從這些趨勢中受益。我們在第一季度的運營和財務業績反映了我們的成功。

The core of our ability to deliver these digital solutions to our customers lies in our vision for Straight-Through Processing, or STP. STP is a comprehensive approach to the P&C insurance economy that will be made up of many digital and AI solutions that are seamlessly integrated to provide customers digital solutions throughout the claims process. This modular approach is a great fit with what customers need to digitize their end-to-end claims experience and demonstrates the value of the CCC cloud's deeply integrated position.

我們向客戶提供這些數字解決方案的能力的核心在於我們對直通式處理 (STP) 的願景。 STP 是一種針對 P&C 保險經濟的綜合方法，它將由許多無縫集成的數字和人工智能解決方案組成，為客戶在整個理賠流程中提供數字解決方案。這種模塊化方法非常適合客戶將其端到端索賠體驗數字化的需求，並展示了 CCC 雲深度集成位置的價值。

Customers tell us they want flexibility and fast time to value throughout the claims handling process. The CCC cloud readily unlocks this capability without the need for costly and time-consuming re-platforming.

客戶告訴我們，他們希望在整個理賠處理過程中具有靈活性並能快速實現價值。 CCC 雲可輕鬆解鎖此功能，無需昂貴且耗時的重新平台化。

To illustrate how comprehensive the CCC Cloud and our STP vision is, I'd like to spend a few minutes walking through at a high level what a claim journey looks like and how we can add value through each step of the claims workflow. One of the first steps in the auto claims process is to determine whether a vehicle is repairable or not after an accident. We have made significant investments to create a compelling front-end experience with our mobile and predictive analytics capabilities that enable insurers to quickly make this determination.

為了說明 CCC 雲和我們的 STP 願景有多全面，我想花幾分鐘時間從高層次上講一下索賠過程是什麼樣的，以及我們如何通過索賠工作流程的每個步驟增加價值。汽車理賠流程的首要步驟之一是確定車輛在事故發生後是否可以修理。我們已進行大量投資，以利用我們的移動和預測分析功能打造引人入勝的前端體驗，使保險公司能夠快速做出決定。

Today, our platform is used to determine the repairability of tens of billions of dollars of auto claims annually. For the approximately 80% of claims that are repairable, we have a comprehensive portfolio of solutions that help automate and digitize the repair experience. In recent years, the [car park] has become increasingly sophisticated with an ever-growing amount of technology embedded in a car, like automated cruise control, lane departure warning systems and multiple cameras. This greatly raises the complexity of the repair process. Both insurers and repair facilities need solutions that can provide a consistent repair process regardless of the automaker.

今天，我們的平台每年用於確定數百億美元汽車索賠的可維修性。對於大約 80% 的可維修索賠，我們擁有全面的解決方案組合，可幫助自動化和數字化維修體驗。近年來，隨著越來越多的技術嵌入汽車，[停車場]變得越來越複雜，如自動巡航控制、車道偏離警告系統和多個攝像頭。這大大增加了修復過程的複雜性。無論是哪家汽車製造商，保險公司和維修機構都需要能夠提供一致維修流程的解決方案。

One way CCC is helping to do this is through CCC Diagnostics, which simplifies the process of importing the diagnostic report and provider invoice directly into CCC ONE as part of the repair workflow. We have seen rapid adoption of our diagnostic solutions as customers look to CCC to help solve this challenge.

CCC 幫助做到這一點的一種方式是通過 CCC 診斷，它簡化了將診斷報告和供應商發票作為維修工作流程的一部分直接導入 CCC ONE 的過程。我們已經看到我們的診斷解決方案得到迅速採用，因為客戶希望 CCC 幫助解決這一挑戰。

Diagnostic scans, which tell you what is damaged or needs to be reset or recalibrated in a car, are seeing explosive growth. stands are up more than 900% since 2017 and are now present on nearly half of all collision repair appraisals. Streamlining this process for repair facilities, including validating the scan with the insurer as part of the claim, is critically important.

診斷掃描可以告訴您車內甚麼東西損壞或需要重置或重新校準，正在呈爆炸式增長。自 2017 年以來，展台數量增加了 900% 以上，現在近一半的碰撞修復評估都出現了。簡化維修設施的這一過程，包括與保險公司一起驗證掃描作為索賠的一部分，這一點至關重要。

On that point, we recently expanded the CCC Diagnostics network with the addition of our partnership with Astec, a global leader in diagnostics, calibration and programming solutions. They went live on the CCC Diagnostics network about a month ago. With the addition of Astec to the CCC network, we now have more than 10% of our pair facility customers utilizing our diagnostic solution.

在這一點上，我們最近擴大了 CCC 診斷網絡，增加了我們與診斷、校準和編程解決方案全球領導者 Astec 的合作夥伴關係。他們大約一個月前在 CCC Diagnostics 網絡上直播。隨著 Astec 加入 CCC 網絡，我們現在有超過 10% 的配對設施客戶使用我們的診斷解決方案。

We believe diagnostic spend in the industry exceeds $1 billion today and will be a multiple of that in the coming years. We expect that diagnostics can be at least a $50 million to $100 million revenue opportunity for CCC, making it one of the more compelling growth opportunities.

我們相信，如今該行業的診斷支出超過 10 億美元，未來幾年將成倍增長。我們預計診斷可為 CCC 帶來至少 5000 萬至 1 億美元的收入機會，使其成為更具吸引力的增長機會之一。

For the remaining 20% of claims that are determined not to be repairable, we have developed a comprehensive suite for total loss resolution, which is seeing good momentum in the market. Historically, our total loss products have been focused on helping insurers determine the value of the vehicle, but there are also many additional downstream manual processes that need to be completed to finalize a total loss claim, including the processing of title, lien, taxes and fees, among others. Each of these represent sizable opportunities for CCC to assist in digitizing.

對於確定無法修復的其餘 20% 的索賠，我們開發了一套全面的全損解決方案，市場勢頭良好。從歷史上看，我們的全損產品一直專注於幫助保險公司確定車輛的價值，但還需要完成許多額外的下游手動流程才能最終確定全損索賠，包括處理產權、留置權、稅收和費用等。每一個都代表了 CCC 協助數字化的巨大機會。

Our Total Loss Care solution is one-way insurers can streamline these downstream aspects of the total loss process, including lender payoff requests, letters of guaranty and lien and title resolution. In the 18 months since launch, we now have 21 carriers who are either onboarded or in the pilot process for Total Loss Care.

我們的全損護理解決方案是一種單向保險公司，可以簡化全損流程的這些下游方面，包括貸方還款請求、擔保函以及留置權和所有權解決方案。自推出以來的 18 個月裡，我們現在有 21 家承運人加入或處於全損護理試點過程中。

Another example is our Fee Calculator, which gives insurers the ability to configure upfront the applicable title, registration and license fees in a given jurisdiction and automate their inclusion in the valuation workflow. This saves significant time and reduces manual effort in the total loss claims process. By digitizing the broader total loss process through Total Loss Care, Fee Calculator and other solutions, we believe that more than $1 billion of insured Loss Adjustment Expense, or LAE, which is the cost insurers incur to investigate and settle claims can be impacted annually.

另一個例子是我們的費用計算器，它使保險公司能夠預先配置給定司法管轄區內適用的產權、註冊和許可費用，並自動將其納入估值工作流程。這可以節省大量時間並減少全損索賠流程中的手動工作量。通過 Total Loss Care、Fee Calculator 和其他解決方案將更廣泛的全損流程數字化，我們認為每年超過 10 億美元的保險損失調整費用 (LAE) 可能會受到影響，這是保險公司調查和解決索賠的成本。

Taken together, we believe this represents a sizable incremental revenue opportunity for CCC. The roughly 80-20 split of repair and total loss claims I just covered are what we refer to as Automobile Physical Damage, or APD. In addition to APD, unfortunately, auto accidents often results in medical claims, with roughly 1 in every 5 incidents having injuries. This is referred to as casualty, and it is a complicated part of the process that represents a significant portion of the total outlays from an insurer in a given year.

綜上所述，我們認為這對 CCC 來說是一個可觀的增量收入機會。我剛才提到的大約 80-20 的維修和全損索賠就是我們所說的汽車物理損壞或 APD。不幸的是，除了 APD 之外，車禍還經常導致醫療索賠，大約每 5 起事故中就有 1 起受傷。這被稱為傷亡，它是流程中的一個複雜部分，佔保險公司在特定年份總支出的很大一部分。

Casualty is a huge part of the overall auto claims market. To put it in perspective, medical claims payouts are roughly comparable in size to the annual payments made for Automobile Physical Damage claims. Casualty represents a significant opportunity for CCC, where we have substantially less market penetration than in Auto Physical Damage. We have made significant investments to strengthen our casualty offering in recent years to dramatically increase the degree of digitization.

傷亡是整個汽車理賠市場的很大一部分。換句話說，醫療索賠支出的規模與汽車物理損壞索賠的年度支出大致相當。傷亡對 CCC 來說是一個重要的機會，我們的市場滲透率遠低於汽車物理損壞。近年來，我們進行了大量投資來加強我們的傷亡服務，以大幅提高數字化程度。

We are starting to see good momentum. One example of the investments we've made in our casualty platform is to automate the process of reviewing medical bills based on a customer's business rules to help the insurer determine if the bill should be paid directly or sent for exception handling and extra support. These investments are starting to pay off. This quarter, we added 2 new national carriers to our casualty platform.

我們開始看到良好的勢頭。我們在傷亡平台上進行的投資的一個例子是根據客戶的業務規則自動執行審查醫療賬單的過程，以幫助保險公司確定賬單是應該直接支付還是發送給異常處理和額外支持。這些投資開始收到回報。本季度，我們在傷亡平台上增加了 2 家新的國家承運人。

We are excited for the long-term opportunity to add value in casualty, which we believe is ready for digitization. Casualty represents another logical extension of the services we provide to our insurance customers and has good growth potential for CCC.

我們對增加傷亡價值的長期機會感到興奮，我們相信傷亡已經為數字化做好了準備。意外險是我們為保險客戶提供的服務的另一種合理延伸，對 CCC 來說具有良好的增長潛力。

Finally, there are a number of horizontal solutions that work across the entire insurance ecosystem that provides significant value. Payments is a great example, and we have some important early success with our new payments integration during the quarter. We signed the first carrier customer for our payments integration, and the implementation process is currently underway. We're making good progress on the enablement of multiple use cases, including from carrier to various payees, whether it's the repair facility, lender, medical facility or a consumer. We're pleased with the progress we're making on building out the capabilities of our integrations with payment processors and how the pipeline is developing.

最後，還有許多橫跨整個保險生態系統的橫向解決方案，提供了巨大的價值。支付就是一個很好的例子，我們在本季度的新支付整合方面取得了一些重要的早期成功。我們為我們的支付集成簽署了第一個運營商客戶，目前正在進行實施過程。我們在支持多個用例方面取得了良好進展，包括從運營商到各種收款人，無論是維修機構、貸方、醫療機構還是消費者。我們對我們在構建與支付處理器集成的能力方面取得的進展以及管道的發展方式感到滿意。

To remind everyone, payments is not material to our revenue in 2022 but is an exciting future growth opportunity. Subrogation, the process which protects consumers and insurers from paying for losses when the insured is deemed not at fault or only partially at fault, is also a sizable opportunity across the claim spectrum. We're making excellent progress with the integration of Safekeep, which is on track from a go-to-market and product integration perspective.

提醒大家，支付對我們 2022 年的收入並不重要，但卻是一個令人興奮的未來增長機會。代位求償是在被保險人被認為沒有過錯或僅部分過錯時保護消費者和保險公司免於支付損失的過程，在整個索賠範圍內也是一個相當大的機會。我們在 Safekeep 的集成方面取得了很好的進展，從上市和產品集成的角度來看，它正在走上正軌。

Our initial focus is to leverage CCC's existing data to launch a new version of Safekeep solutions quickly and with minimal effort needed on the part of carriers. We have been very encouraged by early customer feedback on this acquisition, which has been consistently positive and has led to a number of new opportunities in the short time we have owned Safekeep. As a reminder, Safekeep's technology helps to automate subrogation, a multibillion-dollar area of focus for insurers that has historically leveraged little to no technology to automate the process. We are excited about the opportunity in subrogation and see multiple ways to expand the offering over time.

我們最初的重點是利用 CCC 的現有數據快速推出新版本的 Safekeep 解決方案，而運營商只需付出最少的努力。我們對此次收購的早期客戶反饋感到非常鼓舞，這些反饋一直是積極的，並在我們擁有 Safekeep 的短時間內帶來了許多新機會。提醒一下，Safekeep 的技術有助於自動化代位求償，這是保險公司關注的一個價值數十億美元的領域，在歷史上幾乎沒有利用任何技術來實現流程自動化。我們對代位權的機會感到興奮，並看到了隨著時間的推移擴展產品的多種方法。

We are looking forward to highlighting all these new innovations when we host our annual industry conference later this month. We're thrilled to once again be hosting this event in person, meeting with customers and partners, discussing key trends shaping the industry, and having deep discussions about how CCC can continue to help solve challenges in their businesses. These customer learnings inform our innovation flywheel and enable CCC to continually develop new solutions that increase the value we can deliver. In summary, we see many great opportunities to deliver innovation across our client base regardless of their size or the breadth of solutions they use from us today.

我們期待著在本月晚些時候舉辦年度行業會議時突出所有這些新的創新。我們很高興再次親自主持此次活動，與客戶和合作夥伴會面，討論塑造行業的主要趨勢，並深入討論 CCC 如何繼續幫助他們解決業務中的挑戰。這些客戶學習為我們的創新飛輪提供了信息，並使 CCC 能夠不斷開發新的解決方案，從而增加我們可以提供的價值。總而言之，我們看到了許多在我們的客戶群中提供創新的絕佳機會，無論他們的規模或他們今天使用的解決方案的廣度如何。

Before I turn the call over to Brian, I want to close by reiterating how pleased we are with the start CCC has gotten off to in 2022. We are raising our outlook for 2022 and are on track to deliver another year of double-digit revenue growth and strong EBITDA margins. We are seeing strong adoption across our product portfolio with both existing and newly-introduced solutions.

在我將電話轉給 Brian 之前，我想在結束時重申我們對 CCC 在 2022 年取得的開端感到多麼高興。我們正在提高 2022 年的展望，並有望在今年實現兩位數的收入增長和強勁的 EBITDA 利潤率。我們看到現有和新推出的解決方案在我們的產品組合中得到了廣泛採用。

We also continue to expand and strengthen our ecosystem. I believe the investments we are making in talent, innovation and service delivery will help us solve critical problems for our customers as well as deliver consistent growth for years to come. I want to take this opportunity to thank the CCC team for their incredible dedication and to our customers for their tremendous trust they place in us every single day.

我們還繼續擴大和加強我們的生態系統。我相信我們在人才、創新和服務交付方面的投資將幫助我們為客戶解決關鍵問題，並在未來幾年實現持續增長。我想藉此機會感謝 CCC 團隊令人難以置信的奉獻精神，並感謝我們的客戶每天對我們的巨大信任。

I will now turn the call over to Brian, who will walk you through our results.

我現在將把電話轉給布賴恩，他將向您介紹我們的結果。

Thanks, Githesh. As Githesh outlined, we feel like we are in a strong position to deliver on the industry's vision for Straight-Through Processing and to deliver exceptional value to our client base. In turn, this will drive durable long-term growth and opportunities to scale with both the more mature products, like casualty, and the more recent launches, like diagnostics, Total Loss Care, payments and the other solutions that Githesh talked about today.

謝謝，吉塞什。正如 Githesh 所概述的那樣，我們覺得我們有能力實現行業對直通式處理的願景，並為我們的客戶群提供卓越的價值。反過來，這將推動持久的長期增長，並有機會通過更成熟的產品（如傷亡）和最近推出的產品（如診斷、全損護理、支付和 Githesh 今天談到的其他解決方案）進行擴展。

Our existing products provide a long runway for growth. In that, if we sold these solutions to our eligible customers, we'd be roughly 3x the size we are today. And we also believe these newer solutions that have recently launched add more than another $1 billion in future market opportunity. As the industry continues to digitize, there will be many more organic and inorganic opportunities ahead for us.

我們現有的產品為增長提供了一條長跑道。就此而言，如果我們將這些解決方案出售給符合條件的客戶，我們的規模將是現在的大約 3 倍。我們還相信，這些最近推出的新解決方案為未來的市場機會增加了超過 10 億美元。隨著行業繼續數字化，我們將面臨更多有機和無機機會。

Now, let me turn to our first quarter 2022 results and provide guidance for the second quarter and the full year of 2022. Total revenue for the first quarter was $186.8 million, up 18% from the prior year period. Our growth is being driven primarily by cross-sell and upsell into our installed client base, including the large expansion deals that we've talked about over the last couple of quarters, which contributed approximately 5 points of growth, also the broad-based adoption of our new digital solutions such as mobile, AI and Engage, as well as growth from new logos, which was primarily driven from repair facilities and parts suppliers.

現在，讓我談談我們 2022 年第一季度的業績，並為第二季度和 2022 年全年提供指導。第一季度的總收入為 1.868 億美元，比去年同期增長 18%。我們的增長主要是由對現有客戶群的交叉銷售和追加銷售推動的，包括我們在過去幾個季度討論的大型擴張交易，這貢獻了大約 5 個增長點，以及廣泛的採用我們新的數字解決方案，如移動、AI 和 Engage，以及新徽標的增長，這主要是由維修設施和零件供應商推動的。

Turning 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 Q1 '22 it was 99%, up 1 point from 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.

轉向我們的關鍵指標，軟件總美元保留率或 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 22 年第一季度，這一比例為 99%，比歷史水平高出 1 個百分點。我們相信我們的軟件 GDR 反映了我們為客戶提供的價值和網絡效應的粘性。軟件 GDR 是我們可預測且有彈性的收入模型的核心原則。

Software Net Dollar Retention, or NDR, captures the amount of cross-sell and upsell from our existing customers compared to the prior year period as well as volume movements within our auto property damage client base. In Q1 2022, software NDR was 114%. As expected, software NDR remained above our historical range. The consistently strong NDR performance in recent quarters reflects the success we've had with our cross-sell opportunities across our customer base, including the large expansion deals signed in the second half of 2021. NDR is a core driver in our business, and we have excellent opportunities to execute against this for the foreseeable future.

Software Net Dollar Retention (NDR) 捕獲我們現有客戶與去年同期相比的交叉銷售和追加銷售量，以及我們的汽車財產損失客戶群中的數量變動。 2022 年第一季度，軟件 NDR 為 114%。正如預期的那樣，軟件 NDR 仍然高於我們的歷史範圍。最近幾個季度持續強勁的 NDR 表現反映了我們在跨客戶群的交叉銷售機會方面取得的成功，包括 2021 年下半年簽署的大型擴張交易。NDR 是我們業務的核心驅動力，我們在可預見的未來，有極好的機會來執行此操作。

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 $145.1 million, with adjusted gross profit margin of 78% compared to an adjusted gross profit margin of 76% in the first quarter last year. Adjusted gross profit margin benefited from the continued scale in our business and the efficient multi-tenant cloud platform. This is slightly below the 79% adjusted gross profit margin reported last quarter, which benefited a point from the $4 million of nonrecurring revenue we spoke about.

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 的對賬。本季度調整後毛利潤為 1.451 億美元，調整後毛利率為 78%，而去年第一季度調整後毛利率為 76%。調整後的毛利率受益於我們業務的持續規模和高效的多租戶雲平台。這略低於上個季度報告的 79% 的調整後毛利率，這得益於我們談到的 400 萬美元的非經常性收入。

As we turn to our operating expenses, adjusted operating expenses were $78.2 million, which grew 12% year-over-year. Growth in these expenses were largely driven by headcount additions, public company costs and the increases in discretionary spend as these expenses continue to normalize.

當我們轉向運營費用時，調整後的運營費用為 7820 萬美元，同比增長 12%。這些費用的增長主要是由員工人數增加、上市公司成本以及隨著這些費用繼續正常化而增加的可自由支配支出推動的。

On the headcount addition point, we are pleased with the progress made to advance our operational capabilities by adding key positions across product management, product development, partnerships and M&A. We feel like we are in a strong position to continue delivering ongoing innovation into the market and execute on our strategic agenda.

在人員增加方面，我們對通過在產品管理、產品開發、合作夥伴關係和併購方面增加關鍵職位來提高我們的運營能力所取得的進展感到高興。我們覺得我們處於有利地位，可以繼續向市場提供持續的創新並執行我們的戰略議程。

Adjusted EBITDA for the quarter was $73.7 million with a 39% adjusted EBITDA margin. Adjusted EBITDA grew 33% year-over-year, and margins improved more than 400 basis points compared to prior year. Margin progression is being driven from scaling revenue flowing through to EBITDA at high rates as we have an efficient and scalable business model.

本季度調整後的 EBITDA 為 7370 萬美元，調整後的 EBITDA 利潤率為 39%。調整後的 EBITDA 同比增長 33%，利潤率較上年提高 400 多個基點。由於我們擁有高效且可擴展的業務模型，因此利潤率的增長是由擴大收入以高速率流向 EBITDA 推動的。

Now turning to the balance sheet and cash flow. We ended the quarter with $195 million in cash and cash equivalents and $798 million of debt. At the end of the quarter, our net leverage was approximately 2.2x adjusted EBITDA.

現在轉向資產負債表和現金流量。本季度末，我們擁有 1.95 億美元的現金和現金等價物以及 7.98 億美元的債務。本季度末，我們的淨槓桿約為調整後 EBITDA 的 2.2 倍。

Free cash flow in the quarter was $32.6 million compared to $33.5 million in the prior year period. Looking at cash flow on an unlevered basis, year-to-date we converted approximately 51% of adjusted EBITDA into unlevered free cash flow. This quarter included the impact of our annual incentive plan payments and finishing the build-out of our new headquarters. Adjusting for these items and on a normalized basis, cash conversion would have been above our historical position in the low to mid-60s.

本季度的自由現金流為 3260 萬美元，而去年同期為 3350 萬美元。在無槓桿基礎上查看現金流，年初至今，我們將約 51% 的調整後 EBITDA 轉換為無槓桿自由現金流。本季度包括我們年度激勵計劃付款的影響和完成新總部的擴建。調整這些項目並在標準化的基礎上，現金轉換將高於我們在 60 年代中期到中期的歷史水平。

Subsequent to the end of the quarter, we successfully completed a secondary stock offering of 20 million shares by our selling shareholders. CCC did not receive any proceeds from this offering.

本季度末，我們成功完成了售股股東二次發行 2000 萬股股票。 CCC 未從此次發行中獲得任何收益。

Now, I'd like to finish with guidance beginning in the second quarter. We expect total revenue of $189.5 million to $191.5 million. This represents 14% year-over-year growth at the midpoint. We expect adjusted EBITDA between $69 million to $71 million, which represents a 36% adjusted EBITDA margin at the midpoint. For the full year 2022, we expect revenue of $763 million to $771 million, which is 11% year-over-year growth at the midpoint. We expect adjusted EBITDA between $288 million to $294 million, which represents a 38% adjusted EBITDA margin at the midpoint.

現在，我想以第二季度開始的指導結束。我們預計總收入為 1.895 億美元至 1.915 億美元。這代表中點同比增長 14%。我們預計調整後的 EBITDA 在 6,900 萬美元至 7,100 萬美元之間，這意味著調整後的 EBITDA 利潤率為中點的 36%。對於 2022 年全年，我們預計收入為 7.63 億美元至 7.71 億美元，按中點計算同比增長 11%。我們預計調整後的 EBITDA 將在 2.88 億美元至 2.94 億美元之間，這意味著 38% 的調整後 EBITDA 利潤率處於中點。

There are a few things to keep in mind as you think about our guidance for 2022. Our revenue guidance reflects our confidence in the underlying momentum in the business. We will continue to see growth shift more to cross-sell and upsell versus new logos, reflecting our growing solution portfolio. And we feel really good about the strategic position and long-term opportunities with Straight-Through Processing, payments and our Safekeep acquisition. However, these will not be meaningful contributors to growth in 2022.

當您考慮我們對 2022 年的指導時，有幾件事需要牢記。我們的收入指導反映了我們對業務潛在勢頭的信心。我們將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，這反映了我們不斷增長的解決方案組合。我們對直通式處理、支付和收購 Safekeep 的戰略地位和長期機會感到非常滿意。但是，這些不會對 2022 年的增長做出有意義的貢獻。

Also keep in mind, in the second half of this year, we will be lapping the large expansion deals signed in the second half of 2021 as well as the $4 million of nonrecurring revenue recorded in the fourth quarter of last year. In terms of profitability, the second quarter includes the impact of cost phasing and our annual industry conference. And we expect to see the impact of continued hiring in key positions across product management and product development to support our growth and innovation roadmap. We do expect profitability to grow sequentially each quarter in the back half of the year.

還要記住，在今年下半年，我們將完成 2021 年下半年簽署的大型擴張交易以及去年第四季度記錄的 400 萬美元的非經常性收入。在盈利能力方面，第二季度包括成本分階段和我們的年度行業會議的影響。我們希望看到繼續招聘產品管理和產品開發關鍵職位的影響，以支持我們的增長和創新路線圖。我們確實預計今年下半年每個季度的盈利能力都會連續增長。

To wrap up, CCC got off to a strong start in 2022 and is well-positioned to deliver on our financial and operational targets for the year. The need for digitization across the P&C insurance economy continues to accelerate, and CCC is well-positioned to drive durable revenue growth in the near- and long-term. We are confident that, as we continue to execute on our strategic priorities, we will generate significant value for both our customers and our shareholders.

總而言之，CCC 在 2022 年開局良好，並有能力實現我們今年的財務和運營目標。整個 P&C 保險經濟對數字化的需求持續加速，而 CCC 有能力在近期和長期推動持久的收入增長。我們相信，隨著我們繼續執行我們的戰略重點，我們將為我們的客戶和股東創造巨大的價值。

With that, operator, we're now ready to take questions. Thank you.

有了這個，接線員，我們現在準備好接受提問了。謝謝。

(Operator Instructions) Our first question is from Dylan Becker from William Blair.

（操作員說明）我們的第一個問題來自威廉·布萊爾的迪倫·貝克爾。

Maybe I guess first for you, Githesh. As you think about some of the inflation dynamics that are impacting some of your repair facility customers, insurance carriers having to navigate and manage that profitability headwind, you've talked a lot about kind of those key platform adjacencies. How much has that need for better input cost visibility, right, the repair dynamics driven the accelerated demand you're seeing around the platform expansion, and then some of those earlier-stage tools like diagnostics and total loss that you talked about as well?

也許我猜首先是你，Githesh。當您考慮影響您的一些維修設施客戶的一些通貨膨脹動態時，保險公司必須應對和管理這種盈利逆風，您已經談論了很多關於這些關鍵平台鄰接的問題。對更好的輸入成本可見性有多少需求，對吧，修復動力推動了您在平台擴展周圍看到的加速需求，然後是您談到的一些早期工具，如診斷和總損失？

A couple of things, right? The need for precision to really manage repairs, to manage claims, there's an incredible need to manage precision and to really understand how the supply chain is developing. So we've had tons of requests from customers across our customer base to really understand the analytics, the data, and we published a crash course. And then, of course, for each customer, we provide unique insights into what is going on.

有幾件事，對吧？需要精確度來真正管理維修、管理索賠，非常需要管理精確度並真正了解供應鏈的發展方式。因此，我們的客戶群中的客戶提出了大量要求，要求我們真正了解分析、數據，並且我們發布了一個速成課程。然後，當然，對於每個客戶，我們都會提供有關正在發生的事情的獨特見解。

So I would say that inflation has clearly been running heavy, also with shortage of labor. So all of these things have really made these mission-critical solutions that you can deploy and get very quick ROI, particularly important. So I would not say that it has accelerated anything in particular. But the long-term secular demand for the products and solutions we have continues to be emphasized pretty heavily by what we're seeing.

所以我想說通貨膨脹顯然很嚴重，而且勞動力短缺。因此，所有這些事情確實使這些您可以部署並獲得非常快速的投資回報率的關鍵任務解決方案變得尤為重要。所以我不會說它特別加速了任何事情。但是，我們所看到的情況繼續非常強調對我們所擁有的產品和解決方案的長期長期需求。

Yes, I think that that's fair. And obviously, adding that visibility is the key value driver at the end of the day. I guess if you think about the evolution as well of your overall ecosystem, you've got a lot of the key constituents today. There's also a lot of white space going after the lender dynamic maybe more on the medical claims side that you've talked about as well. There's multiple counterparties involved here, right? So how do you think about the progression of that broader platform expansion and the opportunity to drive value and competitive strength by adding more components to that ecosystem over time, as well?

是的，我認為這是公平的。顯然，增加可見性是最終的關鍵價值驅動因素。我想如果你考慮一下整個生態系統的演變，你就會發現今天有很多關鍵組成部分。在您也談到過的醫療索賠方面，貸款人動態之後還有很多空白空間。這裡涉及多個交易對手，對吧？那麼，您如何看待更廣泛的平台擴展的進展以及隨著時間的推移通過向該生態系統添加更多組件來推動價值和競爭優勢的機會？

Yes. I would say you've got to think about it in really a couple of dimensions. So when you look at our overall macro view, our overall macro view is our vision of STP, or Straight-Through Processing. So from the moment at which a claims happens, and then (inaudible) runs all the way through, deciding whether it's a total or repair and running all the way through to the end.

是的。我會說你必須從幾個方面考慮它。因此，當您查看我們的整體宏觀視圖時，我們的整體宏觀視圖就是我們對 STP 或直通式處理的願景。因此，從索賠發生的那一刻起，然後（聽不清）一直運行，決定是總計還是維修，一直運行到最後。

And then, when you look at specific components, each of these has multiple ecosystems. So when you look at repair, you've got repair facilities, you've got parts providers, you've got insurers. When you look at casualty, you've got medical providers, you've got insurers, you've got other parties. When you look at total losses, you've got banks, lien holders. So what we are doing is our vision of STP really involves stitching together a seamless experience across all of these different ecosystems. That's where the power of the network, and frankly, years of having delivered solutions to our customers, really comes in. I hope that answers your question.

然後，當您查看特定組件時，每個組件都有多個生態系統。所以當你看維修時，你有維修設施，你有零件供應商，你有保險公司。當你看傷亡時，你有醫療提供者，你有保險公司，你有其他方。當你看總損失時，你有銀行、留置權人。因此，我們正在做的是我們對 STP 的願景真正涉及將所有這些不同生態系統的無縫體驗拼接在一起。這就是網絡的力量，坦率地說，多年來為我們的客戶提供解決方案的真正意義所在。我希望這能回答您的問題。

The next question [we have is from] Chris Moore from CJS Securities.

下一個問題 [we have 來自] CJS Securities 的 Chris Moore。

It was a very interesting discussion on casualty. I had no idea that insurers has spent that much there. Are there any unique challenges within the penetration that you're seeking there that could be helped through M&A?

這是一次關於傷亡的非常有趣的討論。我不知道保險公司在那里花了那麼多錢。您正在尋求的滲透中是否有任何獨特的挑戰可以通過併購得到幫助？

We actually did the M&A a few years ago, and we acquired a company years ago, and we have actually been investing significantly in the platform over the last several years and have a number of customers. Again, penetration, as I pointed out, is significantly less than it is in auto fiscal damage. But we have several top 20 carriers, and we have a number of carriers with significantly less penetration. And I think, as I pointed out, we've added a couple of customers during the quarter, as well. And again, stitching all of this together into a seamless experience with Straight-Through Processing, artificial intelligence, all of these capabilities becomes super important. So yes, we did the M&A a few years back.

事實上，我們幾年前就進行了併購，幾年前我們收購了一家公司，過去幾年我們實際上一直在對該平台進行大量投資，並擁有許多客戶。同樣，正如我所指出的，滲透率明顯低於汽車財政損失。但我們有幾家排名前 20 的運營商，而且我們有一些運營商的滲透率要低得多。我認為，正如我所指出的，我們在本季度也增加了一些客戶。再一次，通過直通式處理、人工智能將所有這些拼接成無縫體驗，所有這些功能變得非常重要。所以是的，幾年前我們進行了併購。

And from where you are now, is it kind of a couple of years before it's a meaningful contributor to revenue?

從你現在的位置來看，它是不是要過幾年才能對收入做出有意義的貢獻？

Today, it's about roughly 10% of our revenue.

今天，它大約占我們收入的 10%。

That underrepresented part I guess was just in terms of the potential market, so helpful. And just maybe a little bit more on CCC. You talked about the first carrier. Are there any other kind of specific milestones that you could point to for the balance of '22 into '23 that we should be thinking about?

我猜那個未被充分代表的部分只是在潛在市場方面，非常有幫助。在 CCC 上可能還有更多內容。你談到了第一個運營商。對於我們應該考慮的 22 年到 23 年的平衡，您是否可以指出任何其他類型的具體里程碑？

We have built the business to be quite resilient to any particular event. So if you look at our customer base, right, we've got insurers, we've got parts providers, we've got repair facilities. And so we've got a broad mix of folks, and we are bringing every -- various products have different milestones. But are you talking, Chris, specifically about payments?

我們已經建立了對任何特定事件都具有相當彈性的業務。所以如果你看看我們的客戶群，對，我們有保險公司，我們有零件供應商，我們有維修設施。因此，我們有各種各樣的人，我們帶來了每一個——不同的產品有不同的里程碑。但是，克里斯，你是在談論付款嗎？

Yes.

是的。

Okay. On payments, in particular, yes, we are actually working through 4 use cases, right? So last year, we said our first goal was to get the payments infrastructure in place. We did that. Second, we said we're going to work with early customers to refine use cases, and we've been doing that. And then, third, we said, look, we're going to get a first customer on board, and which is what we just did. And we are continuing to work with a number of cases as, again, payments is an important component. So I wouldn't call out any particular big macro particular point. And as we pointed out in the call, we do not expect payments to contribute in any meaningful way in '22.

好的。特別是在支付方面，是的，我們實際上正在處理 4 個用例，對嗎？所以去年，我們說我們的首要目標是讓支付基礎設施到位。我們做到了。其次，我們說我們將與早期客戶合作來改進用例，我們一直在這樣做。然後，第三，我們說，看，我們將迎來第一位客戶，這就是我們剛剛所做的。我們將繼續處理許多案例，因為付款再次是一個重要組成部分。所以我不會指出任何特定的大宏觀特定點。正如我們在電話中指出的那樣，我們預計支付不會在 22 年以任何有意義的方式做出貢獻。

(Operator Instructions) The next question we have is from Kirk Materne from Evercore ISI.

（操作員說明）我們的下一個問題來自 Evercore ISI 的 Kirk Materne。

This is actually Peter Burkly on for Kirk. So first one, I guess, you guys are doing a lot of innovation. You talked a little bit about diagnostics today. I'm curious, last quarter you were discussing the Safekeep a little bit and kind of excitement about all the subrogation capabilities and how that can kind of open up more of the P&C insurance economy outside of auto. So I'm just curious, is some of that outside of auto is something you guys are thinking about in terms of future products or your roadmap, even if not near term, even just later down the line?

這實際上是柯克的彼得伯克利。所以第一個，我想，你們正在做很多創新。您今天談到了一些關於診斷的內容。我很好奇，上個季度你討論了 Safekeep，對所有代位求償能力有點興奮，以及它如何在汽車之外開放更多的 P&C 保險經濟。所以我很好奇，在汽車之外的一些東西是你們在未來產品或路線圖方面正在考慮的東西，即使不是近期的，甚至只是稍後的線？

Yes. Exactly, as you pointed out, Subrogation is one of those solutions that extends well beyond auto. Subrogation exists in property, exists in workers. It's across a range of solutions. Payments solutions also extends outside of auto as there are needs to make payments well outside of auto. So this is what we refer to as when we say horizontal solutions, those are 2 solutions in particular that extend us beyond auto.

是的。確切地說，正如您所指出的那樣，代位求償是遠遠超出汽車范圍的解決方案之一。代位權存在於財產中，存在於勞動者中。它涉及一系列解決方案。支付解決方案也擴展到汽車之外，因為需要在汽車之外進行很好的支付。所以這就是我們所說的橫向解決方案，特別是那些將我們擴展到汽車之外的 2 種解決方案。

And Brian, maybe one just a quick one for you. Last quarter, you called out hiring maybe being a little bit behind schedule, and that is helping driving some of that margin expansion. And it sounds like hiring is pending pretty nicely in the quarter now this quarter. So I'm just curious, any more color how it's going this quarter and then how you guys are thinking about hiring for the rest of the year here?

布賴恩，也許一個對你來說只是一個快速的。上個季度，你說招聘可能有點落後於計劃，這有助於推動部分利潤率擴張。聽起來本季度本季度的招聘情況非常好。所以我很好奇，還有更多關於本季度進展情況的顏色，然後你們是如何考慮在今年餘下時間招聘的？

Yes, hey, Peter. Yes, so we have been making progress across our plans. So we've brought in heads around product development, around product management. We also highlighted that we've invested in some of our partnership capabilities. So we're making additions. We will continue to do that as we go through the year. We are very focused on balancing investments against our strategic priorities at the same time delivering against our long-term margin goals, as well. So those are the things we're really focused on balancing, but we feel good about the hires that we've made in our operational capabilities as we go forward.

是的，嘿，彼得。是的，所以我們的計劃一直在取得進展。因此，我們引進了產品開發和產品管理方面的負責人。我們還強調我們已經投資於我們的一些合作夥伴能力。所以我們正在添加。我們將在這一年中繼續這樣做。我們非常注重平衡投資與我們的戰略重點，同時也實現我們的長期利潤目標。所以這些是我們真正關注平衡的事情，但我們對我們在前進過程中在運營能力方面所做的招聘感到滿意。

The next question is from Gabriela Borges from Goldman Sachs.

下一個問題來自高盛的 Gabriela Borges。

This is Jake Titleman on for Gabriela. STP is obviously a key part of the long-term vision. You announced Estimate STP recently. Can you comment on some early success there? And then maybe talk about what are the other key technical challenges and innovations that need to be solved to get you closer to a full STP solution down the road?

這是加布里埃拉的 Jake Titleman。 STP 顯然是長期願景的關鍵部分。您最近宣布了 Estimate STP。你能評論一下那裡的一些早期成功嗎？然後也許可以談談需要解決的其他關鍵技術挑戰和創新是什麼，以使您更接近完整的 STP 解決方案？

Sure. Exactly, as you pointed out, Estimate STP is a component of our overall STP vision, and I would argue one of the hardest things in that STP vision to pull off. What's been exciting is we announced Estimate STP. I think it was around October of last year. And literally, in the 6, 7 months since then, we've got 8 significant customers up and running on Estimate STP. And this involves very sophisticated AI, very sophisticated workflows, very sophisticated tuning of the AI parameters. And that's also giving us a lot of credibility for STP overall. In fact, been in 2 conversations with our team, one yesterday and one today with customers, exactly around this topic.

當然。確切地說，正如您所指出的，估計 STP 是我們整體 STP 願景的一個組成部分，我認為這是 STP 願景中最難實現的事情之一。令人興奮的是我們宣布了 Estimate STP。我想那是去年十月左右。從字面上看，從那以後的 6、7 個月裡，我們已經有 8 個重要客戶在 Estimate STP 上運行。這涉及非常複雜的人工智能、非常複雜的工作流程、非常複雜的人工智能參數調整。這也給了我們整體 STP 的很多可信度。事實上，與我們的團隊進行了 2 次對話，一次是昨天，一次是今天與客戶，完全圍繞這個話題。

And so, Estimate STP is going well, fairly quick adoption. It has significant ROI and fairly quick ROI. And it's also showing the power of how STP in general, as it extends across the different components of the claim that we talked about, has a huge impact. So yes, we are investing. Many of the people that we are hiring, recruiting, that Brian talked about are all around this [same] vision.

因此，Estimate STP 進展順利，採用速度相當快。它具有顯著的投資回報率和相當快的投資回報率。而且它還展示了 STP 一般而言的力量，因為它擴展到我們談到的索賠的不同組成部分，具有巨大的影響。所以是的，我們正在投資。 Brian 談到的我們正在招聘、招募的許多人都圍繞著這個 [相同] 願景。

And just for my follow-up, you've talked about growth shifting more toward cross-sell and upsell versus the new logos. What are the implications for your unit economics and your margins? Is it fair to assume that the cost of customer acquisition on cross-sell is lower than on new logos?

就我的後續行動而言，你談到了增長更多地轉向交叉銷售和追加銷售，而不是新標識。對您的單位經濟效益和利潤有何影響？假設交叉銷售的客戶獲取成本低於新標識是否公平？

Yes, happy to take that. Yes, so we have highlighted the shift. So if you go back, and just to give a few data points, we historically had about 2/3 of the growth was driven from cross-sell/upsell and about 1/3 from new logos. And we've highlighted that that will shift, and it will look like more like 80% of the growth coming from cross-sell/upsell and 20% new logos.

是的，很高興接受。是的，所以我們強調了轉變。因此，如果你回過頭來看，只是為了提供一些數據點，從歷史上看，我們約有 2/3 的增長來自交叉銷售/追加銷售，約 1/3 來自新徽標。我們已經強調，這種情況將會發生變化，看起來更像是 80% 的增長來自交叉銷售/追加銷售和 20% 的新標識。

And we started to see that play out. Second half of last year was more in the 70/30 shift, and it's going to continue to move towards that. We do see the opportunity with margin expansion with the ability to sell into our existing base and the efficiency that drives. So we do see that as being a tailwind to margin progression, and that's part of what gives us confidence as we look towards the long-term margins that we've highlighted, moving from where we are now to the mid-40s, over time. So yes, it absolutely is a helpful tailwind.

我們開始看到結果。去年下半年更多的是 70/30 的轉變，而且它將繼續朝著這個方向發展。我們確實看到了利潤擴張的機會，有能力銷售到我們現有的基礎上，並提高了效率。因此，我們確實認為這是利潤率增長的順風，這是讓我們充滿信心的一部分，因為我們期待我們強調的長期利潤率，隨著時間的推移從我們現在的位置移動到 40 年代中期.所以是的，這絕對是一個有用的順風。

That said, today, we don't spend a lot of money on customer acquisitions. We have a very efficient sales organization and have coverage across our customer groups. So although we see efficiency with the cross-sell, it's not as if today we're spending significant dollars on customer acquisition.

也就是說，今天，我們不會在客戶獲取上花費很多錢。我們有一個非常高效的銷售組織，覆蓋了我們的客戶群體。因此，儘管我們看到了交叉銷售的效率，但今天我們並沒有在客戶獲取上花費大量資金。

(Operator Instructions) The next question we have is from Gary Prestopino from Barrington Research.

（操作員說明）我們的下一個問題來自 Barrington Research 的 Gary Prestopino。

A couple of questions here. First of all, on the payment business that you signed, you said you signed one customer, right, Githesh? You've got one out there that, I assume, is working kind of in a beta test with you now?

這裡有幾個問題。首先，在你籤的支付業務上，你說你簽了一個客戶，對吧，Githesh？你有一個，我想，現在正在和你一起進行 Beta 測試？

No. This is a signed customer. We have a number of customers that we're working with in the early stages, and the customer that we've converted over who's -- we're working on the implementation.

不，這是簽約客戶。我們有許多在早期階段與我們合作的客戶，以及我們已經轉換為誰的客戶——我們正在致力於實施。

And this would be an insurance carrier?

這將是一家保險公司？

Yes.

是的。

So in your mind, as you implement this, I mean, how quickly, once you implement this and it's out in the market, do you see kind of a cascading effect where something that it becomes "Maybe I might have it" to "It's necessary for me to have it."

所以在你的腦海裡，當你實施這個時，我的意思是，一旦你實施了這個並且它上市了，你會看到一種級聯效應，它會變成“也許我可能擁有它”到“它是我必須擁有它。”

As with many of our other solutions, right, we've been in this business, and I think you would notice, having known us for a long time, when I look back over the last 20-plus years of driving just growth, it is through new solutions. We are very focused on delivering a great experience. When you deliver a great experience in your first product, it really delivers an ROI for a customer, that really has a huge impact on how quickly things get adopted.

與我們的許多其他解決方案一樣，對，我們一直從事這項業務，我想你會注意到，認識我們很長時間了，當我回顧過去 20 多年的增長時，它是通過新的解決方案。我們非常專注於提供出色的體驗。當您在第一個產品中提供出色的體驗時，它確實為客戶帶來了投資回報率，這對產品被採用的速度確實產生了巨大影響。

So I am not going to make any predictions, Gary, on time and speed. But what we are focused enormously is delivering a great experience.

所以我不會對時間和速度做出任何預測，加里。但我們非常關注的是提供出色的體驗。

And just a couple of more questions here. What was the software NDR for last year, Brian? Do you have that handy?

還有幾個問題。 Brian，去年的軟件 NDR 是什麼？你有那個方便嗎？

Yes. So we ended last year at 115. But if you look across the year, of last year, it averaged around 113 if you average the 4 quarters of last year.

是的。所以我們去年以 115 結束。但是如果你看一下去年的全年，如果你對去年的 4 個季度進行平均，它平均約為 113。

Well, I'm talking about for Q1 last year. I should have been a little bit more precise. Do you have that?

好吧，我說的是去年第一季度。我應該更精確一點。你有嗎？

Yes, Q1 last year was 106%.

是的，去年第一季度是 106%。

Okay. 106. That's fine. And then in terms of things like Engage and electronic parts ordering, I think you said about 30% of your rooftops have got Engage and 40% increase in Q4 last year of electronic parts ordering. Can you give us an idea of how much more uptake there was in Engage from the repair shops as well as with electronic parts ordering?

好的。 106. That's fine. 沒關係。然後就 Engage 和電子零件訂購等方面而言，我想你說過大約 30% 的屋頂有 Engage，去年第四季度電子零件訂購增加了 40%。您能否告訴我們維修店和電子零件訂購對 Engage 的接受度有多少？

Yes. I mean we made progress on both fronts. So we continued to sign part suppliers up, and we're seeing growth both from new rooftops and part suppliers as well as electronic ordering just increasing as a percent of overall what parts are making it on a repair order, and we're seeing good progress on Engage and the number of rooftops that we have on Engage. I mean, one of the key drivers when we look at our NDR and see the strength, is Engage in the other digital solutions. So Mobile AI Engage, some of the early adoption on the Total Loss Care portfolio, those are all core drivers of our MDR performance.

是的。我的意思是我們在兩個方面都取得了進展。因此，我們繼續與零件供應商簽約，我們看到新的屋頂和零件供應商以及電子訂購的增長在維修訂單中所佔零件總數的百分比有所增加，我們看到了不錯的結果Engage 的進展以及我們在 Engage 上擁有的屋頂數量。我的意思是，當我們查看 NDR 並看到實力時，關鍵驅動因素之一是參與其他數字解決方案。所以 Mobile AI Engage，一些早期採用的 Total Loss Care 產品組合，這些都是我們 MDR 性能的核心驅動力。

The one other thing I'd point out is, when you look at Engage, many of our customers have integrated it into their websites and the like. So now, as customers are trying to just book appointments and try to get estimates, it is super-helpful to the process. So that word is also spreading pretty broadly. So we expect that Engage will continue to grow over the next couple of years for sure.

我要指出的另一件事是，當您查看 Engage 時，我們的許多客戶已將其集成到他們的網站等中。所以現在，由於客戶只是嘗試預約並嘗試獲得估算，這對流程非常有幫助。所以這個詞也傳播得相當廣泛。因此，我們預計 Engage 在未來幾年肯定會繼續增長。

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

女士們，先生們，我們的問答環節已經結束，我想把電話轉回給 Githesh Ramamurthy 做總結髮言。

Well, thanks, everybody, for joining us. And again, as we've said before, we believe the industry is in the early stages of digitization. We have terrific credibility with our customers, having delivered a lot of solutions. We're investing in innovation that's being really well received. And I want to wrap up by saying thanks to all the [CCCrers] who make this possible day in, day out. Thanks very much to our customers who place their trust in us every day. And I also want to thank our investors for continuing to be a key part of what we do. We look forward to addressing you next quarter.

嗯，謝謝大家加入我們。同樣，正如我們之前所說，我們相信該行業正處於數字化的早期階段。我們在客戶中享有很高的信譽，已經交付了很多解決方案。我們正在投資於真正受到歡迎的創新。最後，我想感謝所有讓這一切成為可能的 [CCCrers]。非常感謝每天都信任我們的客戶。我還要感謝我們的投資者繼續成為我們所做工作的關鍵部分。我們期待在下個季度與您會面。

Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

女士們，先生們，今天的會議到此結束。感謝您加入我們。您現在可以斷開線路。