CCC Intelligent Solutions Holdings Inc (CCC) 2022 Q2 法說會逐字稿

Greetings, and welcome to the CCC Intelligent Solutions Second Quarter of 2022 Earnings Conference Call (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 CCC Intelligent Solutions 2022 年第二季度收益電話會議（操作員說明）作為提醒，正在錄製此會議。

I would now like to turn the conference over to your host, Mr. William Warmington, Vice President of Investor Relations.

我現在想把會議轉交給你的主持人，投資者關係副總裁 William Warmington 先生。

Good afternoon, and thank you for joining us today to review CCC's second quarter 2020 financial results, which we announced in the press release issued after the close of the market today. Joining me on the call are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

下午好，感謝您今天加入我們，回顧 CCC 在今天收盤後發布的新聞稿中公佈的 2020 年第二季度財務業績。 CCC 董事長兼首席執行官 Githesh Ramamurthy 和我一起參加電話會議；和 CCC 的首席財務官 Brian Herb。

The forward-looking statements we make about the company's results and plans are subject to risks and uncertainties that may cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in the earnings releases available on our Investor Relations website and under the heading Risk Factors in our 2021 annual report on Form 10-K filed with the SEC.

我們對公司業績和計劃所做的前瞻性陳述受風險和不確定因素的影響，這些風險和不確定性可能導致實際結果和公司計劃的實施發生重大差異。這些風險在我們的投資者關係網站上提供的收益發布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進行了討論。

Further, these comments and the Q&A that follows are copyrighted today by CCC Intelligent Solutions Holdings, Inc. Any recording, retransmission or reproduction or other use of the same, for profit or otherwise, without prior consent of CCC is prohibited and a violation of United States copyright and other laws. Additionally, while we 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今天由 CCC Intelligent Solutions Holdings, Inc. 擁有版權。未經 CCC 事先同意，禁止以營利或其他方式錄製、轉發或複製或以其他方式使用相同的內容，並且違反 United國家版權和其他法律。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 include certain non-GAAP financial measures as defined by the SEC. The company believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the company's financial condition and the results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website.

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 財務措施為管理層和投資者提供了有關與公司財務狀況和經營業績相關的某些財務和業務趨勢的有用信息。我們的投資者關係網站上的收益發布中提供了 GAAP 與非 GAAP 措施的對賬。

Thank you. And now I'll turn the call over to Nitesh.

謝謝。現在我將把電話轉給 Nitesh。

Thank you, Bill, and thanks to all of you for joining us today. This week marked our 1-year anniversary of returning to the public markets, an important milestone in our journey as a public company. I'd like to take this opportunity to thank our customers for their continued trust in CCC, thank our CCC team for their tremendous execution and thank our shareholders for their ongoing support.

謝謝你，比爾，感謝大家今天加入我們。本周是我們重返公開市場一周年，這是我們上市公司歷程中的一個重要里程碑。我想藉此機會感謝我們的客戶一直以來對 CCC 的信任，感謝我們 CCC 團隊的出色執行力，並感謝我們的股東一直以來的支持。

I am pleased to report that CCC delivered another quarter of strong top and bottom line results and that we are raising our revenue and adjusted EBITDA guidance for the full year.

我很高興地報告 CCC 又交付了一個季度強勁的頂線和底線結果，並且我們正在提高我們的收入並調整全年的 EBITDA 指導。

In the second quarter of 2022, CCC's total revenue was $193 million, up 16% year-over-year and ahead of our guidance range. Adjusted EBITDA was $73 million, up 22% year-over-year, also ahead of our guidance range. Our adjusted EBITDA margin was 38%, up 200 basis points year-over-year.

2022 年第二季度，CCC 的總收入為 1.93 億美元，同比增長 16%，超出我們的指導範圍。調整後的 EBITDA 為 7300 萬美元，同比增長 22%，也高於我們的指導範圍。我們調整後的 EBITDA 利潤率為 38%，同比增長 200 個基點。

On today's call, I'd like to highlight 3 themes that underpin our performance. The first is the structural resilience of CCC's business model and end markets through a range of economic cycles. The second is a growing momentum from the adoption of Estimate-STP and the broader opportunity from delivering STP for our customers. And the third is how we are helping our customers deal with increasing vehicle complexity. The example I'll highlight there is the solid progress we're making in our diagnostic solutions for the collision repair market.

在今天的電話會議上，我想強調支撐我們業績的 3 個主題。首先是 CCC 的商業模式和終端市場在一系列經濟周期中的結構彈性。第二個是 Estimate-STP 的採用帶來的增長勢頭，以及為我們的客戶提供 STP 的更廣泛機會。第三是我們如何幫助我們的客戶應對日益增加的車輛複雜性。我要強調的例子是我們在碰撞修復市場的診斷解決方案方面取得的堅實進展。

I'll start with our first theme. The resilience of our business model really begins with the durability of the end markets we serve. Auto insurance is mandated for drivers in all 50 United States. And the vast majority of Americans use their own car to move between work and home. This makes auto insurance a less discretionary part of a consumer's budget and provides meaningful sturdiness to our customers' businesses and their ability to invest in CCC solutions.

我將從我們的第一個主題開始。我們業務模式的彈性真正始於我們所服務的終端市場的持久性。美國 50 個州的司機都必須購買汽車保險。絕大多數美國人使用自己的汽車往返於工作和家庭之間。這使得汽車保險成為消費者預算中可自由支配的部分，並為我們客戶的業務及其投資 CCC 解決方案的能力提供了有意義的穩健性。

The strategic importance of the auto insurance market to the broader economy was evident in May when we held our first in-person customer conference since 2019. Over 300 clients joined us for this 4-day event in Colorado Springs. It was great to see everyone again in person. At the conference, we conducted a number of industry-based roundtables which we call advisory councils. This is where customers discuss their operational challenges and where they would like us to direct our innovation efforts. These sessions are classic win-win exchanges where our clients help guide us in our creation and refinement of solutions to deliver the business improvements they need. I can tell you from decades of personal experience that hearing from our clients firsthand about the near- and long-term challenges they face across the auto insurance economy is vital to our innovation efforts.

汽車保險市場對更廣泛經濟的戰略重要性在 5 月顯而易見，當時我們舉行了自 2019 年以來的第一次面對面客戶會議。超過 300 名客戶參加了我們在科羅拉多斯普林斯舉行的為期 4 天的活動。很高興再次見到大家。在會議上，我們舉辦了一系列以行業為基礎的圓桌會議，我們稱之為諮詢委員會。這是客戶討論他們的運營挑戰以及他們希望我們指導創新工作的地方。這些會議是經典的雙贏交流，我們的客戶幫助指導我們創建和完善解決方案，以實現他們所需的業務改進。我可以根據數十年的個人經驗告訴您，從我們的客戶那裡直接了解他們在整個汽車保險經濟中面臨的近期和長期挑戰對於我們的創新工作至關重要。

Although our customers operate in resilient end markets, they're being impacted by 3 significant forces concurrently: macroeconomic pressures, complexity and rising consumer expectations. The first, macro-driven pressures has dominated the headlines for months. Labor shortages from insurance staff appraisers to repair technicians, the people our customers need are in short supply; supply chain challenges, meaning longer repair times, longer car rentals and less happy consumers; and inflation affecting just about everything from parts to cars to wages. To give you a sense of the magnitude of the impact our customers are dealing with, the average total loss claim has increased almost 50% from about $10,000 in 2019 to $15,000 currently.

儘管我們的客戶在有彈性的終端市場中運營，但他們同時受到 3 種重要力量的影響：宏觀經濟壓力、複雜性和不斷上升的消費者期望。首先，宏觀驅動的壓力幾個月來一直佔據著頭條新聞。從保險估價師到維修技師的勞動力短缺，我們客戶需要的人才供不應求；供應鏈挑戰，意味著更長的維修時間、更長的汽車租賃時間和更不滿意的消費者；通貨膨脹幾乎影響到從零部件到汽車再到工資的方方面面。為了讓您了解我們的客戶正在處理的影響的嚴重程度，平均總損失索賠從 2019 年的約 10,000 美元增加了近 50% 至目前的 15,000 美元。

Moving on from macroeconomic pressures to rising complexity of vehicles, of the tools and processes to repair vehicles and of the auto insurance claims ecosystem overall. Advanced driver assistance systems, electric vehicles, and the diagnostic systems needed to repair them are impacting the cost and complexity of vehicles and the time to repair them. Clients across the auto insurance economy are struggling with this complexity, specifically, the challenges complexity presents to assessing and resolving insurance claims in an accurate and efficient manner. CCC provides the antidote to that growing complexity through a combination of network integrations and AI-driven tools that help clients simplify processes and increase the speed and accuracy of decision-making and execution at multiple levels.

從宏觀經濟壓力到車輛、維修車輛的工具和流程以及整個汽車保險理賠生態系統的複雜性不斷增加。先進的駕駛員輔助系統、電動汽車和維修它們所需的診斷系統正在影響車輛的成本和復雜性以及維修時間。整個汽車保險行業的客戶都在與這種複雜性作鬥爭，特別是複雜性給以準確有效的方式評估和解決保險索賠帶來的挑戰。 CCC 通過網絡集成和 AI 驅動工具的組合為日益增長的複雜性提供解毒劑，幫助客戶簡化流程並提高決策制定和執行的速度和準確性。

Moving on from complexity to rising consumer expectations in terms of greater speed, convenience and personalization. There's also expectation from our customer shareholders in terms of greater operational efficiency to support profitable growth. It was clear from my conversation with clients that no one is an island in this ecosystem. The challenges faced by one constituent ultimately affect all others either directly or indirectly. Fortunately, for CCC, we are well positioned to help our customers become more efficient by leveraging the power of our connected network, our long-standing customer relationships and our industry-leading artificial intelligence, developed using over $1 trillion of historical claims data accumulated over decades.

在更快的速度、便利性和個性化方面，從復雜性轉向不斷提高的消費者期望。我們的客戶股東也期望提高運營效率以支持盈利增長。從我與客戶的談話中可以清楚地看出，在這個生態系統中，沒有人是孤島。一個選民所面臨的挑戰最終會直接或間接地影響到所有其他選民。幸運的是，對於 CCC，我們完全有能力通過利用我們互聯網絡的力量、我們長期的客戶關係和我們行業領先的人工智能來幫助我們的客戶提高效率，這些人工智能是使用過去積累的超過 1 萬億美元的歷史索賠數據開發的幾十年。

And I've also noticed an interesting shift in client attitudes towards new solutions. In the past, insurers usually wanted someone else to be first to try a new product. But with speed now becoming increasingly vital, many of our customers are now asking to be first. These close long-term relationships, combined with technology leadership and deep industry expertise, are why our clients rely on us for their mission-critical functions, handling over $100 billion in auto insurance claims paid out in the United States each year.

而且我還注意到客戶對新解決方案的態度發生了有趣的轉變。過去，保險公司通常希望其他人率先試用新產品。但隨著速度變得越來越重要，我們的許多客戶現在都要求成為第一。這些密切的長期關係，加上技術領先地位和深厚的行業專業知識，是我們的客戶依賴我們執行其關鍵任務功能的原因，我們每年處理在美國支付的超過 1000 億美元的汽車保險索賠。

This combination is also the underpinning of our resilient and predictable financial model. We have a gross dollar retention rate of 99%. About 96% of our revenue is from software under 3- to 5-year contracts; and less than 20% of our revenue is tied to transaction volumes, which comes from regional carriers, medical claims bill reviews at a portion of our parts suppliers. As a result, CCC has delivered reliable year-over-year revenue growth for decades. And over that time, our revenue base has become increasingly large and diversified.

這種結合也是我們有彈性和可預測的財務模型的基礎。我們的總美元保留率為 99%。我們大約 96% 的收入來自簽訂 3 至 5 年合同的軟件；我們的收入中只有不到 20% 與交易量相關，交易量來自區域運營商、部分零件供應商的醫療索賠賬單審查。因此，CCC 幾十年來實現了可靠的同比收入增長。在那段時間裡，我們的收入基礎變得越來越龐大和多樣化。

We began with 1 product, digital total loss solutions, sold to one customer segment, insurers. Today, we provide dozens of products across multiple customer groups, including insurers, repair facilities, parts suppliers, OEMs, dealers and others. That resilience held up during the Black Swan event of the pandemic where CCC's revenue still grew 5% year-over-year.

我們從一種產品開始，數字全損解決方案，賣給一個客戶群，保險公司。今天，我們為多個客戶群體提供數十種產品，包括保險公司、維修機構、零部件供應商、原始設備製造商、經銷商等。這種韌性在大流行的黑天鵝事件期間得到了保持，當時 CCC 的收入仍同比增長 5%。

Another differentiating characteristic of CCC's business model is that we sell solutions into the business side of the insurer versus the IT side and delivering ROI based on tangible claims results that directly impact the issues I mentioned before: inflation, supply chain challenges, labor shortages and vehicle complexity. Because all our clients are already on the CCC cloud, most implementations take place in less than 90 days. What we are not doing is multiyear tech modernization projects for insurers' core policy and underwriting systems. This means we are able to deliver fast time to value that can deliver better business results in a matter of weeks or months and not years.

CCC 商業模式的另一個不同之處在於，我們將解決方案出售給保險公司的業務部門而不是 IT 部門，並根據直接影響我之前提到的問題的有形索賠結果提供投資回報率：通貨膨脹、供應鏈挑戰、勞動力短缺和車輛複雜。因為我們所有的客戶都已經在 CCC 雲上，所以大多數實施都在不到 90 天內完成。我們沒有做的是針對保險公司核心政策和承保系統的多年技術現代化項目。這意味著我們能夠快速實現價值，在幾週或幾個月而不是幾年內交付更好的業務成果。

The durability of our customers' businesses has enabled us to structure our business in a way that we can operate profitably throughout economic cycles and ensure our ability to continuously invest in R&D on our customers' behalf. This wraps up my first theme, resiliency of our business model.

客戶業務的持久性使我們能夠以能夠在整個經濟周期中盈利的方式構建我們的業務，並確保我們能夠代表客戶持續投資於研發。這總結了我的第一個主題，即我們商業模式的彈性。

The second broad theme I'd like to talk about today is the growing momentum of Estimate-STP with insurers. The pressures being felt throughout the auto insurance economy are increasing demand for straight-through processing, or STP. STP refers to the processing of transactions digitally and automatically and is most commonly associated with the financial services industry, particularly areas like payments and securities trading. I believe that the financial services vertical is running several years ahead of the insurance industry in their adoption of STP. We estimate there are tens of billions of dollars of efficiencies that we can help our customers unlock over time.

我今天想談的第二個廣泛主題是 Estimate-STP 與保險公司的增長勢頭。整個汽車保險經濟體感受到的壓力正在增加對直通式處理 (STP) 的需求。 STP 是指以數字方式自動處理交易，最常與金融服務行業相關聯，尤其是支付和證券交易等領域。我相信金融服務行業在採用 STP 方面比保險業領先幾年。我們估計，隨著時間的推移，我們可以幫助客戶實現數百億美元的效率提升。

CCC's most recent STP innovation is Estimate-STP. There are hundreds of potential applications of STP within the auto insurance economy. We chose the auto claims estimate writing process not because we thought it will be an easy first step but because we knew it would be the toughest application to figure out. And we knew that if we could get that right, actually create an industrial-grade AI system that could write line item insurance claims estimates requiring minimal human intervention, then that would pave the way for the adoption of a much broader suite of applications.

CCC 最近的 STP 創新是 Estimate-STP。在汽車保險經濟中，STP 有數百種潛在應用。我們選擇汽車索賠估算編寫流程並不是因為我們認為這將是一個簡單的第一步，而是因為我們知道這將是最難弄清楚的應用程序。我們知道，如果我們能夠做到這一點，實際上創建一個工業級人工智能係統，可以編寫需要最少人工干預的項目保險理賠估算，那麼這將為採用更廣泛的應用程序套件鋪平道路。

We rolled out Estimate-STP to our first insurer in November last year. Six months later, on our Q1 earnings call in May, that number of insurers was up to 8. Since then, we have added 3 more and are now up to 11 insurers, which includes more than half of the top 10 auto insurers in the United States. That said, it's still early days for Estimate-STP. Adoption varies greatly by insurer, and aggregate volume today doesn't yet move the needle. But insurers are becoming increasingly comfortable with less and less manual interventions in the automated estimate creation process.

去年 11 月，我們向我們的第一家保險公司推出了 Estimate-STP。六個月後，在我們 5 月份的第一季度財報電話會議上，保險公司的數量達到了 8 家。從那時起，我們又增加了 3 家，現在多達 11 家保險公司，其中包括全球前 10 大汽車保險公司的一半以上美國。也就是說，Estimate-STP 還處於早期階段。保險公司的採用率差異很大，今天的總量還沒有動搖。但保險公司對自動估算創建過程中越來越少的人工干預越來越滿意。

Another exciting aspect of this phase for us is the substantial scale of real-time feedback we are receiving on a daily basis. This enables our teams to refine and adapt our AI models to solve for various edge cases that you only see at our scale. Consumers are also increasingly comfortable taking and uploading photos of the damaged car and delighted when the estimate is processed in minutes. We, therefore, expect adoption of Estimate-STP to accelerate meaningfully over the next 36 months.

這個階段的另一個令人興奮的方面是我們每天都會收到大量的實時反饋。這使我們的團隊能夠改進和調整我們的 AI 模型，以解決您只能在我們的規模上看到的各種邊緣情況。消費者也越來越樂於拍攝和上傳受損汽車的照片，並在幾分鐘內完成估價時感到高興。因此，我們預計 Estimate-STP 的採用將在未來 36 個月內顯著加速。

We believe the majority of the more than 15 million repairable claims in the U.S. will be eligible for Estimate-STP over time. And with insurers currently spending as much as $150 to $200 to manually prepare estimate, digitizing that process with a strong ROI to customers represents a multi-hundred million dollar long-term opportunity for CCC.

我們相信，隨著時間的推移，美國超過 1500 萬起可修復索賠中的大部分將有資格獲得 Estimate-STP。鑑於保險公司目前花費高達 150 到 200 美元來手動準備估算，將這一過程數字化並為客戶帶來高投資回報率，這對 CCC 來說意味著數億美元的長期機會。

Given the number of decisions and manual touch points that exist in processing a claim today, we believe Estimate-STP represents a foundational entry point into a much broader opportunity set across the insurance economy. We have dozens of use cases we are evaluating to add digitization or automation ranging from subrogation to total loss to casualty.

考慮到當今處理索賠過程中存在的決策和人工接觸點的數量，我們認為 Estimate-STP 代表了進入整個保險經濟更廣泛機會集的基礎切入點。我們正在評估數十個用例，以添加數字化或自動化，範圍從代位權到全損再到傷亡。

We believe that a key differentiator, which positions CCC to successfully create and deliver STP solutions for the auto insurance economy, is our self-reinforcing and connected ecosystem. This ecosystem connects the many diverse participants in the auto insurance economy, including insurers, repair facilities, parts suppliers, OEMs, lenders and many others. Ultimately, to truly deliver the automation and streamlining of that ecosystem, an industry participant needs to be connected to all other participants. CCC enables that interconnectivity and the growing operational efficiency that interconnectivity delivers to the network participants.

我們認為，使 CCC 能夠為汽車保險經濟成功創建和提供 STP 解決方案的一個關鍵差異化因素是我們的自我強化和互聯生態系統。該生態系統將汽車保險經濟中的眾多不同參與者聯繫在一起，包括保險公司、維修機構、零部件供應商、原始設備製造商、貸方等。最終，要真正實現該生態系統的自動化和精簡，行業參與者需要與所有其他參與者建立聯繫。 CCC 實現了互連性，並提高了互連性為網絡參與者提供的運營效率。

The third and final theme I wanted to touch on today is the notable progress we are making in dealing with the complexity of vehicles. A good example of this is our diagnostic solution, which can be utilized by anyone in our growing network of 27,500 repair facilities.

我今天要談的第三個也是最後一個主題是我們在處理車輛複雜性方面取得的顯著進展。我們的診斷解決方案就是一個很好的例子，我們不斷擴大的 27,500 家維修設施網絡中的任何人都可以使用它。

On our Q1 call, we talked about the growing importance of diagnostics in the accident repair process as vehicles include increasingly sophisticated technology such as automated cruise control, lane departure warning systems and multiple cameras. The proliferation of these technologies has amplified complexity and increased the necessity of scanning, diagnostics and calibration in the repair process.

在我們第一季度的電話會議上，我們談到了診斷在事故修復過程中越來越重要，因為車輛包含越來越複雜的技術，例如自動巡航控制、車道偏離警告系統和多個攝像頭。這些技術的普及增加了複雜性，並增加了維修過程中掃描、診斷和校準的必要性。

Our solution, CCC Diagnostics, integrates diagnostics data and invoicing into the repair facility's workflow in collaboration with insurers, increasing efficiency for everyone involved. This solution is also seamlessly integrated into the CCC ONE repair platform, which currently processes about $60 billion of collision repairs a year. In July, AirPro Diagnostics became part of the CCC Diagnostics network. AirPro joins 3 other leading diagnostic service providers, asTech, Opus and Honda, in integrating directly into CCC ONE.

我們的解決方案 CCC Diagnostics 與保險公司合作，將診斷數據和發票集成到維修機構的工作流程中，從而提高所有相關人員的效率。該解決方案還無縫集成到 CCC ONE 維修平台中，該平台目前每年處理約 600 億美元的碰撞維修。 7 月，AirPro Diagnostics 成為 CCC Diagnostics 網絡的一部分。 AirPro 與其他 3 家領先的診斷服務提供商（asTech、Opus 和 Honda）一起直接集成到 CCC ONE 中。

It's still early days for diagnostics. Today, only about 10% of our 27,500 repair facility customers subscribe to CCC Diagnostics. We continue to see growth in the number of vehicles requiring scans as well as the long-term potential to deploy additional diagnostics-related solutions, repair facilities, insurers and OEMs. We feel increasingly confident about diagnostics as a $50 million to $100 million revenue opportunity for CCC.

診斷仍處於早期階段。今天，在我們的 27,500 名維修機構客戶中，只有大約 10% 訂閱了 CCC Diagnostics。我們繼續看到需要掃描的車輛數量的增長，以及部署更多與診斷相關的解決方案、維修設施、保險公司和原始設備製造商的長期潛力。我們對診斷越來越有信心，因為它為 CCC 帶來了 5000 萬至 1 億美元的收入機會。

We continue to invest in innovation that will help solve a broad array of challenges across the auto insurance economy. And one of the benefits of having a balanced portfolio is that we are not dependent on the timing of any one opportunity to drive growth. Payments, for example, is a large opportunity that continues to move forward as we validate use cases and workflows with customers, and we're pleased with the progress we have made there. Diagnostics is an example of an innovation with strong early adoption. And given this pace, we expect that Diagnostics will contribute a full point of revenue growth in 2022.

我們繼續投資於創新，這將有助於解決整個汽車保險經濟中的一系列廣泛挑戰。擁有平衡投資組合的好處之一是我們不依賴於任何一個機會來推動增長的時機。例如，支付是一個巨大的機會，隨著我們與客戶一起驗證用例和工作流程，它會繼續向前發展，我們對我們在這方面取得的進展感到滿意。診斷是早期採用率很高的創新示例。鑑於這種速度，我們預計 Diagnostics 將在 2022 年貢獻一個完整的收入增長點。

Our diversified portfolio of solutions solves multiple use cases for customers regardless of which operational challenge any given customer is most focused on solving in the near term. Our product pipeline is as full of opportunities today as I've ever seen in decades. Our clients need our help to become more efficient and are actively engaged with us as we develop solutions that meet their needs. We have a time-tested resilient business model that has delivered revenue growth and profitability for 30 years.

我們多元化的解決方案組合可為客戶解決多種用例，無論任何給定客戶近期最關註解決的運營挑戰是什麼。今天，我們的產品線充滿了我幾十年來從未見過的機會。我們的客戶需要我們的幫助以提高效率，並在我們開發滿足他們需求的解決方案時積極與我們合作。我們擁有經過時間考驗的彈性商業模式，30 年來實現了收入增長和盈利能力。

Today, I focus on 2 products from our portfolio of growth opportunities: the insurance industry's growing adoption of Estimate-STP to drive a step change improvement in operational efficiency and consumer experience and repair facilities' increased use of our diagnostics-related capabilities to streamline their workflows. That said, we continue to see progress across our portfolio of sizable growth opportunities and are excited about the potential in front of us.

今天，我重點關注我們增長機會組合中的 2 種產品：保險業越來越多地採用 Estimate-STP 來推動運營效率和消費者體驗的階梯式改進，以及維修設施更多地使用我們的診斷相關功能來簡化他們的工作工作流程。也就是說，我們繼續看到我們的巨大增長機會組合取得進展，並對我們面前的潛力感到興奮。

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. Before we jump into the numbers, I wanted to take a moment to acknowledge that we passed our 1-year anniversary as a public company earlier this week. It's been a gratifying year operating as a public company and, at the same time, a challenging year overall for the capital markets. We remain focused on what we can control, which is delivering innovation to our clients, to support them in solving some of their more difficult operational challenges. And so we continue to be confident in our ability to achieve our near-term and long-term operational targets and to generate value for our customers and our shareholders.

謝謝，吉塞什。在我們進入數字之前，我想花點時間承認我們在本週早些時候度過了上市公司一周年。作為一家上市公司，今年是令人欣慰的一年，同時，對於資本市場來說，也是充滿挑戰的一年。我們仍然專注於我們可以控制的事情，即為我們的客戶提供創新，以支持他們解決一些更困難的運營挑戰。因此，我們繼續對我們實現近期和長期運營目標以及為我們的客戶和股東創造價值的能力充滿信心。

As we turn to the numbers, first, I'd like to review our second quarter 2022 results and then discuss our updated guidance for the second half and full year 2022. Total revenue for the second quarter was $192.8 million, up 16% from the prior year period. Approximately 12% of our revenue growth in Q2 was driven by cross-sell and upsell into our installed client base, includes broad-based adoption of our digital solutions like mobile, AI and Engage.

當我們轉向數字時，首先，我想回顧一下我們 2022 年第二季度的業績，然後討論我們對 2022 年下半年和全年的最新指導。第二季度的總收入為 1.928 億美元，比去年同期增長 16%上一年期間。我們第二季度收入增長的大約 12% 是由交叉銷售和追加銷售到我們已安裝的客戶群所推動的，包括廣泛採用我們的數字解決方案，如移動、AI 和 Engage。

About 4 percentage points of the 12% came from the large expansion deals signed in the second half of last year that we've been talking about for the past several quarters. An incremental 4% came from new logos, mostly repair shops and parts suppliers. I'd also note that 99% of our revenue in the second quarter was domestic.

12% 中約有 4 個百分點來自我們在過去幾個季度一直在談論的去年下半年簽署的大型擴張交易。增加的 4% 來自新標識，主要是維修店和零件供應商。我還要指出，我們第二季度 99% 的收入來自國內。

Now 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 Q2 of '22, GDR was 99%, consistent with last quarter. 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.

現在轉向我們的關鍵指標。軟件總美元保留率 (GDR) 是指與去年同期相比，從我們的客戶群中保留下來的收入金額。 22 年第二季度，GDR 為 99%，與上一季度一致。我們相信我們的軟件 GDR 反映了我們為客戶提供的價值和網絡效應的粘性。軟件 GDR 是我們可預測且有彈性的收入模型的核心原則。

Software net dollar retention, or NDR, captures the amount of cross-sell and upsell from our existing customers compared to the prior year period as well as volume movements in our auto physical damage client base. In Q2 '22, software NDR was 111%, which is above our historical average. The consistently strong NDR performance in recent quarters reflects the success we've had with our cross-sell and upsell opportunities across our client base, including the large expansion deals signed in the second half of last year. NDR is a core driver in our business, and we have excellent opportunities to execute this for the foreseeable future.

軟件淨美元保留率 (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，以及我們汽車物理損壞客戶群的數量變動。在 22 年第二季度，軟件 NDR 為 111%，高於我們的歷史平均水平。最近幾個季度持續強勁的 NDR 表現反映了我們在客戶群中的交叉銷售和追加銷售機會取得的成功，包括去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，在可預見的未來，我們有很好的機會來執行它。

Now I'll review the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP, and we provided a reconciliation of GAAP to non-GAAP in our press release.

現在我將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。

Adjusted gross profit in the quarter was $148.4 million, with adjusted gross profit margin of 77%, which is consistent with the second quarter of last year. We continue to feel good about the operating leverage and scalability of our business and being able to deliver against our long-term target of 80%.

本季度調整後毛利為1.484億美元，調整後毛利率為77%，與去年第二季度持平。我們繼續對我們業務的運營槓桿和可擴展性感到滿意，並且能夠實現我們 80% 的長期目標。

In terms of expenses, adjusted operating expenses were $81.7 million, which grew 12% year-over-year. Growth in these expenses were largely driven by headcount additions, public company costs and the increase in discretionary spend as these expenses continue to normalize, including hosting our in-person industry conference during the quarter. On the headcount point, we are pleased with the progress made to advance our operational capabilities by adding key positions across product management and product development. We feel we're in a strong position to continue to deliver ongoing innovation into the market and executing against our strategic agenda.

在費用方面，調整後的運營費用為 8170 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、上市公司成本和可自由支配支出的增加推動的，因為這些費用繼續正常化，包括在本季度舉辦我們的現場行業會議。在員工人數方面，我們對通過在產品管理和產品開發中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。我們認為我們處於有利地位，可以繼續向市場提供持續創新並執行我們的戰略議程。

Adjusted EBITDA for the quarter was $73.4 million, with a 38% adjusted EBITDA margin. Adjusted EBITDA grew 22% year-over-year and margins improved 200 basis points compared to Q2 of last year. Margin expansion reflects operating leverage from our efficient and scalable business model as we continue to scale revenue.

本季度調整後的 EBITDA 為 7340 萬美元，調整後的 EBITDA 利潤率為 38%。與去年第二季度相比，調整後的 EBITDA 同比增長 22%，利潤率提高了 200 個基點。隨著我們繼續擴大收入，利潤率的擴張反映了我們高效和可擴展的商業模式的經營槓桿。

Turning to the balance sheet and cash flow. We ended the quarter with $228 million in cash and cash equivalent and $796 million of debt. At the end of the quarter, our net leverage was approximately 1.9x adjusted EBITDA. Free cash flow in the quarter was $29.6 million compared to $13.1 million in the prior year period. Year-to-date, we've converted approximately 49% of our adjusted EBITDA into unlevered free cash flow. Normalizing for the timing of our annual incentive payout and estimated tax payments, in addition to the completion of the build-out of our new headquarters in Chicago, adjusted unlevered free cash flow would have been in the low 60% range year-to-date, consistent with historical results.

轉向資產負債表和現金流量。本季度末，我們擁有 2.28 億美元的現金和現金等價物以及 7.96 億美元的債務。本季度末，我們的淨槓桿約為調整後 EBITDA 的 1.9 倍。本季度的自由現金流為 2960 萬美元，而去年同期為 1310 萬美元。年初至今，我們已將約 49% 的調整後 EBITDA 轉化為無槓桿自由現金流。將我們的年度激勵支出和估計納稅時間標準化，除了我們在芝加哥的新總部的擴建完成之外，調整後的無槓桿自由現金流量今年迄今將處於 60% 的低範圍內, 與歷史結果一致。

Now I'd like to finish with guidance, beginning with the third quarter. We expect revenue of $194 million to $196 million. This represents 10% year-over-year growth at the midpoint. We expect adjusted EBITDA between $72 million to $74 million, which represents a 37% adjusted EBITDA margin at the midpoint.

現在我想結束指導，從第三季度開始。我們預計收入為 1.94 億美元至 1.96 億美元。這代表中點同比增長 10%。我們預計調整後的 EBITDA 在 7,200 萬美元至 7,400 萬美元之間，這相當於 37% 的調整後 EBITDA 利潤率中點。

For the full year 2022, we expect revenue of $773 million to $777 million, which represents 13% year-over-year growth at the midpoint. We expect adjusted EBITDA between $294 million to $298 million, which represents a 38% adjusted EBITDA margin at the midpoint.

對於 2022 年全年，我們預計收入為 7.73 億美元至 7.77 億美元，按中點計算，同比增長 13%。我們預計調整後的 EBITDA 將在 2.94 億美元至 2.98 億美元之間，這意味著 38% 的調整後 EBITDA 利潤率處於中點。

Implicit in our Q3 and full year guidance is the guidance for the fourth quarter, for which we expect revenue between $199 million to $201 million, which represents 7% year-over-year growth at the midpoint. We expect adjusted EBITDA between $75 million to $77 million, which represents a 38% adjusted EBITDA margin at the midpoint.

我們的第三季度和全年指導中隱含了第四季度的指導，我們預計收入在 1.99 億美元至 2.01 億美元之間，中點同比增長 7%。我們預計調整後的 EBITDA 將在 7500 萬美元至 7700 萬美元之間，這意味著 38% 的調整後 EBITDA 利潤率處於中點。

Three points to keep in mind about our second half guidance. The first is that we are lapping the large expansion deals we signed in the second half of last year. These deals contributed 5% of growth in the first quarter of '22, 4 points of growth in the second quarter of '22. We will get about 1 point of benefit from these deals in the third quarter and no benefit in the fourth quarter.

關於我們下半年的指導，要牢記三點。首先是我們正在完成去年下半年簽署的大型擴張協議。這些交易在 22 年第一季度貢獻了 5% 的增長，在 22 年第二季度貢獻了 4 個百分點的增長。我們將在第三季度從這些交易中獲得大約 1 個百分點的收益，而在第四季度則沒有收益。

The second point is that we had 2 percentage point contribution from nonrecurring revenue in the fourth quarter of last year. This now creates a 2-point revenue headwind for us in the fourth quarter of this year. My point is the implied fourth quarter revenue range of 7% to 8% of growth, without the 2-point headwind, would be 9% to 10% growth in the fourth quarter.

第二點是我們去年第四季度的非經常性收入貢獻了 2 個百分點。現在，這在今年第四季度為我們帶來了 2 個百分點的收入逆風。我的觀點是，在沒有 2 點逆風的情況下，第四季度隱含的收入增長范圍為 7% 至 8%，第四季度將增長 9% 至 10%。

The third point is that our adjusted EBITDA margin forecast for the full year remains unchanged. We expect adjusted EBITDA margin will be flat for the full year 2022 following 800 basis points of expansion between 2019 and 2021. We continue to be focused on investing in innovation to support our growth ambitions while, at the same time, progressing towards our long-term mid-40s adjusted EBITDA margin targets.

第三點是我們調整後的全年 EBITDA 利潤率預測保持不變。在 2019 年至 2021 年擴張 800 個基點後，我們預計調整後的 EBITDA 利潤率將在 2022 年全年持平。我們將繼續專注於創新投資以支持我們的增長雄心，同時朝著我們的長期目標邁進40 年代中期調整後的 EBITDA 利潤率目標。

Overall, our guidance reflects our confidence in the underlying momentum of the business. We feel good about the strategic position of the long-term opportunities in our product portfolio. Today, we highlighted 2 of our emerging solutions, Estimate-STP and Diagnostics, but we have many other exciting opportunities in the portfolio across both our emerging solutions like subrogation and payments as well as our more established solutions like casualty, the repair shop packages and Engage.

總體而言，我們的指引反映了我們對業務潛在勢頭的信心。我們對產品組合中長期機會的戰略地位感到滿意。今天，我們重點介紹了我們的兩個新興解決方案，Estimate-STP 和 Diagnostics，但我們在產品組合中還有許多其他令人興奮的機會，包括我們的新興解決方案（如代位求償和付款）以及我們更成熟的解決方案（如傷亡、維修店包和從事。

CCC is well positioned to deliver on our financial and operating 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 growth in revenue and profitability in the near and long term. We are confident in our ability to deliver on our long-term organic revenue growth targets of 7% to 10% next year and beyond.

CCC 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內推動收入和盈利能力的持久增長。我們有信心在明年及以後實現 7% 至 10% 的長期有機收入增長目標。

As we continue to execute on our strategic priorities, we believe we will generate significant value for both our customers and our shareholders.

隨著我們繼續執行我們的戰略重點，我們相信我們將為我們的客戶和股東創造巨大的價值。

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

有了這個，接線員，我們準備好接受提問了。謝謝。

(Operator Instructions) The first question comes from Dylan Becker of William Blair.

（操作員說明）第一個問題來自威廉·布萊爾的迪倫·貝克爾。

I guess maybe first for Githesh, as you think about growing that product adoption kind of within your existing customer base here, you touched on the immediate ROI side of the equation. How valuable is that, especially in the current environment where they're kind of trying to hammer down relative to the expense side of the equation and to deliver that value and align it with customer interest that maybe contributes to that initial kind of faster inflection point just given the fact that you've been able to deliver so much value for these customers historically.

我想可能首先是 Githesh，當你考慮在你現有的客戶群中增加這種產品的採用時，你觸及了等式的直接投資回報率方面。這是多麼有價值，特別是在當前環境中，他們試圖相對於等式的費用方面進行敲定，並提供該價值並使其與客戶利益保持一致，這可能有助於實現最初的更快拐點鑑於您在歷史上已經能夠為這些客戶提供如此多的價值這一事實。

Thanks for joining. Absolutely. In fact, that's one of the big benefits of being on the CCC cloud and having a very short implementation cycle. Again, what we're seeing is the ability to deliver, pilot and put into production, not just put into production a single product or a solution but to be able to deploy it on a national scale across 50 states. Many of our customers operate in every state. Many are regional. They usually try and test in 1 or 2 geographies. And once it works and solutions deliver the results, we're able to also scale it pretty rapidly. So we are seeing increased demand from customers to be able to move faster, which is why I made that comment that many of our customers from many of our early solutions are actually saying, "Hey, I would like to be first."

感謝您的加入。絕對地。事實上，這是在 CCC 雲上並且實施週期非常短的一大好處。同樣，我們看到的是交付、試點和投入生產的能力，而不僅僅是將單一產品或解決方案投入生產，而是能夠在 50 個州的全國范圍內部署它。我們的許多客戶在每個州都有業務。許多是區域性的。他們通常會嘗試在 1 或 2 個地區進行測試。一旦它起作用並且解決方案交付了結果，我們也能夠非常快速地擴展它。因此，我們看到客戶越來越需要能夠更快地移動，這就是為什麼我發表評論說我們許多早期解決方案的許多客戶實際上在說，“嘿，我想成為第一。”

Yes. That makes a ton of sense. And I want to dig into the scale side as well since you've talked about some of the traction you're seeing in particular, maybe with you touching on STP here. How valuable is, again, the scale of your network, the scale of that data infrastructure to deliver upon those automation capabilities, right? It seems like a big pain point in the industry, something people are looking to address, but it's probably not something that can just be put together overnight, right? You have to have the historical data, which you guys have on your platform. But how do you think about the complexity of that offering, the data advantage you guys have and how that speaks from a competitive standpoint as well?

是的。這很有道理。而且我也想深入研究規模方面，因為你已經談到了你特別看到的一些牽引力，也許你在這裡談到了 STP。同樣，您的網絡規模、數據基礎設施的規模對這些自動化功能的價值有多大，對吧？這似乎是行業中的一大痛點，人們正在尋求解決的問題，但這可能不是一夜之間就能解決的問題，對吧？你必須擁有你們平台上的歷史數據。但是，您如何看待該產品的複雜性、你們擁有的數據優勢以及從競爭的角度來看這又如何呢？

Sure. So scale really comes in the following very specific ways, right? So first and foremost, when we're thinking about refining our AI solutions like Estimate-STP that I talked about, the fact that we collect 500 million photographs a year, and we are processing literally billions of dollars of repairables and total losses per month, what we're getting is, as more and more customers deploy, and I think I mentioned that over half of the national carriers representing, I guess, the majority of repairables and total loss in the country have started to adopt the solution, so what that does is that the scale of feedback, when you have thousands of people using your solution, especially to refine your AI, the speed at which we can refine the AI, deal with edge cases, sunlight reflecting on a light blue car standing under a tree in South Florida, right? So there's all these edge conditions and our scale allows us to do that pretty rapidly. So that's one element of scale, which is pure volume across every state, across different functions.

當然。所以規模真的來自以下非常具體的方式，對吧？所以首先也是最重要的，當我們考慮改進我們的 AI 解決方案時，比如我談到的 Estimate-STP，我們每年收集 5 億張照片，而且我們每個月處理的可修復物品和總損失實際上是數十億美元，我們得到的是，隨著越來越多的客戶部署，我想我提到過超過一半的國家運營商，我猜，代表該國大部分可維修和總損失已經開始採用該解決方案，所以這就是反饋的規模，當你有成千上萬的人使用你的解決方案時，特別是改進你的 AI，我們可以改進 AI 的速度，處理邊緣情況，陽光反射在站在下面的淺藍色汽車上南佛羅里達州的一棵樹，對吧？所以存在所有這些邊緣條件，我們的規模使我們能夠非常快速地做到這一點。所以這是規模的一個要素，它是跨越每個州、跨越不同功能的純體積。

The second aspect of scale is that we are running and have been running on a highly efficient cloud-based platform. So with the Elastic Cloud, we are able to scale up and down and take a customer and deploy them. Often, that is one of the hardest things for a customer to do, is how do I change the behavior of tens of thousands of people across the country with my tools. And what we're able to do is to deploy that at the point at which decisions are made by individual adjusters, parts providers and the like, and actually deploy that pretty rapidly. And that is a second element of scale.

規模的第二個方面是我們正在並且一直在一個高效的基於雲的平台上運行。因此，借助 Elastic Cloud，我們能夠擴大和縮小規模，吸引客戶並部署他們。通常，這對客戶來說是最困難的事情之一，就是我如何使用我的工具改變全國成千上萬人的行為。我們能夠做的是在各個調節器、零件供應商等做出決策時部署它，並且實際上非常快速地部署它。這是規模的第二個要素。

The third and maybe the last element of scale I'll point out is the network itself. When you have 300 insurance customers, 27,500 collision repair facilities, thousands of parts providers, almost every OEM, that third element of the interconnected model where sometimes, to actually implement a solution, you don't need to just do it for that one customer, but you have to be able to do it across the ecosystem. That is the third element of scale. I hope that answers your question.

我要指出的第三個也是最後一個規模要素是網絡本身。當您擁有 300 個保險客戶、27,500 個碰撞修復設施、數千個零件供應商，幾乎每個 OEM，互連模型的第三個元素時，有時，要實際實施解決方案，您不需要只為那個客戶做，但你必須能夠在整個生態系統中做到這一點。這是規模的第三個要素。我希望這能回答你的問題。

No, it's incredibly in-depth. I appreciate it. And congrats again, guys.

不，它非常深入。我很感激。再次恭喜，伙計們。

The next question comes from Gabriela Borges of Goldman Sachs.

下一個問題來自高盛的 Gabriela Borges。

This is [Kelly] on for Gabriela. Congrats on the quarter. My question would be kind of building off the competitive question from before, how are things going on the casualty side of the business? And have you noticed anything different on that side? And has anything changed regarding your confidence that CCC can take share in that market?

這是 [Kelly] 為 Gabriela 準備的。祝賀這個季度。我的問題有點像之前的競爭問題，業務的傷亡方面進展如何？你有沒有註意到那邊有什麼不同？您對 CCC 可以在該市場佔有份額的信心有什麼變化嗎？

Yes. Thanks for joining us. I would say we absolutely are seeing that the years of investments that we have made in the casualty platform, particularly for third-party and also for first-party, and the technology and the investments we've made, we are continuing to see adoption, increased adoption of customers, and feel pretty confident about what we're seeing and how we are engaging with customers. And again, as you well know, casualty in terms of a share of customers, we a much smaller scale of customers, a much smaller customer base in casualty when you compare it to our Auto Physical Damage products. So it represents a very nice growth opportunity.

是的。感謝您加入我們。我想說我們絕對看到我們在傷亡平台上所做的多年投資，特別是對第三方和第一方的投資，以及我們所做的技術和投資，我們將繼續看到採用，增加了客戶的採用率，並對我們所看到的以及我們如何與客戶互動充滿信心。再一次，正如你所知，就客戶份額而言，我們的客戶規模要小得多，當你將它與我們的汽車物理損壞產品進行比較時，我們的客戶群要小得多。所以它代表了一個非常好的增長機會。

Okay. Great. And then my follow-up is just, can you give us an update on Safekeep? How is adoption trending? And what have you been hearing from customers?

好的。偉大的。然後我的後續行動是，你能給我們介紹一下 Safekeep 的最新情況嗎？採用趨勢如何？您從客戶那裡聽到了什麼？

Sure. On Safekeep, our customers seem delighted. And it's really done 2 things for us. A, for many customers who are already using CCC solutions, this is a very natural fit in terms of both for subrogation where, as you know, billions of dollars are spent. So we've also trained our own teams that work with customers, and the receptivity across the board has been terrific. So that's on one end. On the second side, I would say that the team we have brought onboard on subro has been fantastic. Their depth, their knowledge and, frankly, the development of the solutions, the integration of various components, even things as mundane like building, for example, it's not mundane, it's important, right, security. So many of those integration components are also coming along well. So we feel good from those 2 perspectives.

當然。在 Safekeep 上，我們的客戶似乎很高興。它確實為我們做了兩件事。答，對於已經在使用 CCC 解決方案的許多客戶來說，就代位而言，這是非常自然的選擇，如您所知，代位權花費了數十億美元。因此，我們還培訓了自己的與客戶合作的團隊，並且全面的接受度非常好。所以這是一方面。另一方面，我會說我們在 subro 上帶來的團隊非常棒。他們的深度，他們的知識，坦率地說，解決方案的開發，各種組件的集成，甚至像建築這樣平凡的事情，例如，這並不平凡，這很重要，對，安全。許多這些集成組件也進展順利。因此，從這兩個角度來看，我們感覺很好。

Congrats, again of the quarter.

恭喜，又是本季度。

Thank you.

謝謝。

The next question comes from David Kelley of Jefferies.

下一個問題來自 Jefferies 的 David Kelley。

I wanted to start with Diagnostics in light of the addition of AirPro to your network. Last quarter, I believe you spoke about the potential for $50 million to $100 million of revenue opportunity. You highlighted today a point of growth potentially this year from Diagnostics. From our end, it seems like you've cornered both the remote scanning and OEM markets. So I guess my question is, can you talk about the process of getting more of those repair facility customers on the diagnostic network and maybe how you think about the potential time line to ramping revenues up to that $50 million to $100 million run rate?

鑑於將 AirPro 添加到您的網絡，我想從診斷開始。上個季度，我相信你談到了 5000 萬到 1 億美元的潛在收入機會。您今天強調了 Diagnostics 今年可能的增長點。從我們的角度來看，您似乎已經壟斷了遠程掃描和 OEM 市場。所以我想我的問題是，你能談談在診斷網絡上吸引更多維修設施客戶的過程，以及你如何看待將收入提高到 5000 萬至 1 億美元的潛在時間表？

Sure, David. Again, you have to think about Diagnostics in really maybe 3 components. First is the absolute need for diagnostics. And over the years, what we've seen is as the vehicle complexity has increased, there is a substantial need to essentially scan the car after an accident so that the diagnostic support tells you what is actually damaged in the car. And after you complete the process of repair, that the scan and the calibration sometimes has to be done. So as for older cars, it was not mandatory, but for almost every new car produced in the last few years.

當然，大衛。同樣，您必須真正考慮 3 個組件中的診斷。首先是對診斷的絕對需求。多年來，我們看到的是，隨著車輛複雜性的增加，在事故發生後非常需要對汽車進行掃描，以便診斷支持告訴您汽車中實際損壞的是什麼。在完成修復過程後，有時還需要進行掃描和校準。因此，對於舊車，這不是強制性的，但對於過去幾年生產的幾乎所有新車來說都是如此。

So first and foremost, the need to do scanning across the board and to have consistency of that and transparency for repairers, insurers, that's been super, super critical. So that's first and foremost.

因此，首先也是最重要的是，需要進行全面掃描，並保持掃描的一致性和對維修商、保險公司的透明度，這是非常非常關鍵的。所以這是首要的。

Secondly, when you look at the way our solution works is that we have integrated deep into CCC ONE. So you think about any given day, you've got tens of thousands of people who are engaged in the process of repairing vehicles living in the CCC system every day, whether it is on the CCC tablet, whether it is on our mobile tools, whether it is on the desktop, as they're going about ordering parts, repairing the cars, doing production scheduling and the like. So integrating diagnostics capability directly into that repair process and into that step so that it is a seamless component of it and making that available to our entire collision repair customer base is super important. Where we are today is, after literally a few months, we've rolled this out to 10% of our customer base. And so that's another element of scaling it, is to make sure that the process of all of that works really tightly.

其次，當您查看我們解決方案的工作方式時，我們已經深入集成到 CCC ONE 中。所以你想一想任何一天，你有數以萬計的人每天都在 CCC 系統中生活，無論是在 CCC 平板電腦上，還是在我們的移動工具上，無論是在桌面上，因為他們正在訂購零件、修理汽車、進行生產調度等。因此，將診斷功能直接集成到維修過程和步驟中，使其成為其中的一個無縫組成部分，並讓我們的整個碰撞維修客戶群都可以使用它，這一點非常重要。我們今天所處的位置是，幾個月後，我們已經將其推廣到我們 10% 的客戶群。因此，擴展它的另一個要素是確保所有這些過程真正緊密地工作。

The last element of scaling diagnostics, and maybe a very important element, is as we work with different providers. We started with Opus. They were our first engagement on diagnostics. We've added, as you know, Honda. We've added asTech, and now we've added AirPro. And we will continue to add other providers because it makes it very, very seamless for these diagnostics providers to be able to service their end customer, which is the repair facility.

擴展診斷的最後一個要素，也許是一個非常重要的要素，是我們與不同的提供商合作。我們從 Opus 開始。他們是我們第一次參與診斷。如您所知，我們添加了本田。我們添加了 asTech，現在我們添加了 AirPro。我們將繼續增加其他供應商，因為這使得這些診斷供應商能夠非常、非常無縫地為他們的最終客戶（即維修設施）提供服務。

So those are really kind of 3 ways, 3 components on how to think about how we scale Diagnostics, hence, our confidence in continuing to scale this to that $50 million to $100 million mark.

因此，這些實際上是關於如何思考我們如何擴展診斷的 3 種方式、3 個組成部分，因此，我們有信心繼續將其擴展到 5000 萬至 1 億美元大關。

Okay. Got it. That's helpful. And then just as a follow-up, I wanted to touch on the new logo contribution. I believe it was 4% in the quarter, and it stands out given it's typically a secondary growth contributor for you. So can you talk a bit more about where you saw new logo traction in the quarter and maybe some breakout between repair facilities versus your growing parts supplier network?

好的。知道了。這很有幫助。然後作為後續行動，我想談談新徽標的貢獻。我相信這個季度是 4%，而且它很突出，因為它通常是你的次要增長貢獻者。那麼，您能否多談談您在本季度看到新徽標牽引力的地方，以及維修設施與不斷增長的零件供應商網絡之間的一些突破？

Yes. It's Brian here. I can cover that. So 4 points for the quarter, as you said, it largely comes in 2 areas. It is the repair facilities, so the shops; and it's the parts supplier. We don't break those out on percentages, but the repair facility shops is the largest piece. If you look over at a historical average, we add about 1,000 new rooftops a year from repair facilities, and we're trending again towards a metric like that. So that's the largest driver of the 4% on new logo.

是的。我是布萊恩。我可以覆蓋它。正如您所說，本季度的 4 分主要來自兩個方面。是維修設施，所以是店鋪；它是零件供應商。我們不會按百分比將它們分開，但維修設施商店是最大的部分。如果你看一下歷史平均水平，我們每年從維修設施中增加大約 1,000 個新屋頂，而且我們正再次朝著這樣的指標發展。所以這是新標識上 4% 的最大驅動力。

The next question comes from Kirk Materne of Evercore ISI.

下一個問題來自 Evercore ISI 的 Kirk Materne。

This is Adi Ahire dialing in for Kirk. I guess just a question on payments. What kind of conversations are you guys having? I know you mentioned that you signed your first customer there last quarter. And in terms of like contributing to revenue, do you kind of see that being more meaningful in 2023 or 2024?

我是 Adi Ahire 撥入 Kirk。我想只是關於付款的問題。你們在進行什麼樣的對話？我知道你提到你上個季度在那裡簽下了你的第一個客戶。就收入貢獻而言，您是否認為這在 2023 年或 2024 年更有意義？

Yes. First of all, as you know, joking aside, we're not providing guidance today for '23 or '24. And what we are doing on the payments front is our first goal, as you know, was to get the payments infrastructure in place. We did that. Second was to work with customers to define use cases and then start building out the customer pipeline. So we work through all of those things. And then we are working closely right now with customers. And going into kind of some of the specific nuances of different conditions, right, whether it's shop to carrier to shop payments or other areas. And we're kind of working through those specific use cases with customers. Again, as I mentioned, it will not be a material contributor this year.

是的。首先，如您所知，開個玩笑，我們今天不提供 23 年或 24 年的指導。正如您所知，我們在支付方面所做的是我們的首要目標，就是讓支付基礎設施到位。我們做到了。其次是與客戶合作定義用例，然後開始構建客戶管道。所以我們完成了所有這些事情。然後我們現在正在與客戶密切合作。並探討不同條件下的一些具體細微差別，無論是從商店到承運人到商店付款還是其他領域。我們正在與客戶一起處理這些特定的用例。同樣，正如我所提到的，它今年不會成為重大貢獻者。

Got it. And then just a quick follow-up, if you have any color on hiring your headcount kind of with the market today, just curious on that. .

知道了。然後快速跟進，如果你對今天的市場招聘員工人數有任何看法，只是對此感到好奇。 .

Sure. I'll give you kind of a macro thought, and then Brian will give you maybe a couple of more specifics. I would say that, in some ways, what we have seen more lately than we did, say, towards the end of Q1 is that we are able to hire faster in terms of some of the key talent that we need in terms of people servicing our customers, engineering talent, product management talent. So we've actually seen a pickup in our ability to recruit. And we've seen that shift and change in the employment markets. And we feel good about our ability to continue to recruit.

當然。我會給你一個宏觀的想法，然後布賴恩會給你更多的細節。我想說的是，在某些方面，我們最近看到的比我們看到的更多，比如說，在第一季度末，我們能夠更快地招聘到我們在人員服務方面需要的一些關鍵人才我們的客戶、工程人才、產品管理人才。所以我們實際上已經看到我們的招聘能力有所提高。我們已經看到了就業市場的轉變和變化。我們對我們繼續招聘的能力感到滿意。

And I don't know, Brian, if you want to add anything specifically to that.

我不知道，布賴恩，你是否想特別添加任何內容。

Yes. I would just add that we've been focused largely in product development and product management where we've been adding heads, really thinking about the innovation funnel on the road map, bringing new products and new capabilities into market. So that's been the area we've been really focused on. And the pacing has been good. We talked about this year holding margins at 38%. And a large part of that reason we're holding it is really around bringing on the headcount, both at a capability and capacity perspective. So we feel good on how we're executing against that.

是的。我只想補充一點，我們一直主要關注產品開發和產品管理，我們一直在增加負責人，真正考慮路線圖上的創新漏斗，將新產品和新功能推向市場。所以這是我們真正關注的領域。而且節奏一直很好。我們談到今年持有 38% 的利潤率。我們持有它的很大一部分原因實際上是為了增加員工人數，無論是從能力還是容量的角度來看。因此，我們對我們如何對此執行感到滿意。

The next question comes from Chris Moore of CJS Securities.

下一個問題來自 CJS Securities 的 Chris Moore。

It's about a year since you guys went public, maybe just 1 or 2 kind of more big picture questions. Obviously, you're already the clear leader in the U.S. I recognize there's lots of white space in the U.S. to attack. Looking at Europe, understanding it's a much more fragmented market, is the race on there? Is there still an opportunity for CCC longer term to be an important player there?

你們公開上市已經大約一年了，也許只有一兩個更宏觀的問題。很明顯，你已經是美國明顯的領導者了。我知道美國有很多空白可以攻擊。看看歐洲，了解它是一個更加分散的市場，那裡有競爭嗎？ CCC 是否仍有機會長期成為那裡的重要參與者？

Sure. first things first, Chris, exactly the big picture, as you pointed out, is the white space, especially for our products, especially as you think about Estimate-STP and the broader opportunity for STP is substantial. And if you take the combination of our new products that we're building, including STP, the existing solutions we have, which have a lot of opportunity, we, first and foremost, feel we can address all our growth with just the white space in the United States. With that said, we continue to get invited by customers who keep asking us to come into, as you know, the 5 countries of Europe, amount for the largest number of auto claims in auto insurance. And the opportunity continues to exist, and we're going to be very selective and very thoughtful in terms of where and how we enter the European market.

當然。首先，Chris，正如您指出的那樣，大局是空白，尤其是對於我們的產品，尤其是當您考慮 Estimate-STP 時，STP 的更廣泛機會是巨大的。而且，如果您將我們正在構建的新產品（包括 STP）與我們擁有的現有解決方案相結合，它們有很多機會，我們首先認為我們可以僅通過空白空間來解決我們所有的增長問題在美國。話雖如此，我們繼續受到客戶的邀請，他們一直要求我們進入歐洲 5 個國家，這是汽車保險中汽車索賠數量最多的國家。而且機會繼續存在，我們將在我們進入歐洲市場的地點和方式方面非常有選擇性和非常周到。

Got it. I appreciate that. Staying with that theme. So I mean, you have talked about the P&C industry generally not being cutting-edge. Digitization can be painfully slow. Do you expect it to continue at that same pace in the foreseeable future? Or is there a reason to expect there would be a meaningful inflection point at some point in the next 3 to 5 years?

知道了。我很感激。堅持那個主題。所以我的意思是，你談到了 P&C 行業通常不是最前沿的。數字化可能會非常緩慢。在可預見的未來，您是否預計它會以同樣的速度繼續發展？或者是否有理由預期在未來 3 到 5 年的某個時候會出現有意義的拐點？

That was one of the things, Chris, that we saw at, for example, even the latest industry conference. We've been holding these conferences with our customers for so many years. And what is really exciting to see is the amount of innovation our customers are interested in deploying not just testing or trying but testing and trying with an eye towards deployment. And it is that deployment capability, for example, the example we quoted to you about, Estimate-STP.

克里斯，這是我們在最新的行業會議上看到的事情之一。多年來，我們一直在與客戶舉行這些會議。真正令人興奮的是，我們的客戶對部署感興趣的創新數量不僅僅是測試或嘗試，而是著眼於部署的測試和嘗試。這就是部署功能，例如我們向您引用的有關 Estimate-STP 的示例。

So the precursor to Estimate-STP was a product called Smart Estimate. So when we built Smart Estimate, we introduced the ability to jump start an estimate using photo and AI. We had dozens of customers adopt them in the first year. And then as we move from there to Estimate-STP, many of our customers are doing a lot of fine-tuning and adopting. So we are actually seeing that many of our customers, and we're so blessed with some amazing customers, who are also working very closely with us on many of these innovations with an eye towards not testing but towards an eye towards rolling out. So I do think the pace of digitization is going to continue to pick up. And that's, hence, our desire to continue to invest on a pretty broad set of solutions.

因此，Estimate-STP 的前身是一款名為 Smart Estimate 的產品。因此，當我們構建 Smart Estimate 時，我們引入了使用照片和 AI 快速開始估算的功能。第一年，我們有幾十個客戶採用了它們。然後，當我們從那裡轉向 Estimate-STP 時，我們的許多客戶都在進行大量微調和採用。所以我們實際上看到了我們的許多客戶，我們很幸運有一些了不起的客戶，他們也在許多這些創新上與我們密切合作，著眼於測試而不是著眼於推出。所以我確實認為數字化的步伐將繼續加快。因此，這就是我們希望繼續投資於相當廣泛的解決方案。

The next question comes from Tyler Radke of Citi. .

下一個問題來自花旗銀行的 Tyler Radke。 .

Great to see you at the conference a few months ago. Just on that note, obviously, it was a strong new logo quarter. I'm curious why you think that was, was it just timing? And on the theme of the conference just being back in person, any observed impact that you've seen that had just in terms of pipeline generation or expansion activity?

很高興在幾個月前的會議上見到你。就此而言，顯然，這是一個強勁的新標識季度。我很好奇你為什麼認為那隻是時機？關於會議的主題只是親自回來，您在管道生成或擴展活動方面看到的任何觀察到的影響？

Tyler, first of all, thanks for coming to the conference. And as you saw with the products and the solutions we displayed at the conference, it was a great meeting, but the conference itself doesn't really change things dramatically one way or the other. What it does is give a very broad exposure and allows us to really tune our solutions a lot more. So I would not say it was the conference per se, it is just that we've continued to roll out our solutions. But the speed of digitization as it picks up. And as customers feel more of the macro pressures, they are more driven towards deploying these solutions.

Tyler，首先，感謝您參加會議。正如您在會議上展示的產品和解決方案所看到的那樣，這是一次很棒的會議，但會議本身並沒有真正以某種方式顯著改變事情。它所做的是提供非常廣泛的曝光，並允許我們真正調整我們的解決方案。所以我不會說這是會議本身，只是我們繼續推出我們的解決方案。但隨著數字化速度的加快。隨著客戶感受到更多的宏觀壓力，他們更有動力部署這些解決方案。

I don't know, Brian, if you want to add any quantification to it.

我不知道，布賴恩，你是否想給它添加任何量化。

No, I think you covered it well. To the earlier point, I would say the momentum at the repair shops have been particularly strong over the last several quarters and really underpinning the new logo performance, and we see the opportunity for that to continue going forward. So we feel really good about the momentum and traction we have in the marketplace. And I think the 4% reflects that.

不，我認為你涵蓋得很好。早前，我想說維修店的勢頭在過去幾個季度特別強勁，真正支撐了新標誌的表現，我們看到了繼續前進的機會。因此，我們對我們在市場上的勢頭和牽引力感到非常滿意。我認為 4% 反映了這一點。

And also volume is increasing at the repair facilities, right? As collisions are increasing, the ability to hire people, there continues to be a shortage on the repair side, so people are also looking for more and more efficiency to service the demand.

維修設施的數量也在增加，對吧？隨著碰撞事故的增加，僱用人員、維修方面的能力持續短缺，因此人們也在尋求越來越高的效率來滿足需求。

Yes, makes a lot of sense. Obviously, you don't have things like foreign currency exposure and not particularly large deal dependent. I guess, where you do have larger deals with some of the Tier 1 insurance carriers, how are you just thinking about the pipeline there for expansions, assuming anything different in terms of expansion rates in the back half, just given the changes in the macro environment for where you do have kind of larger deal exposure?

是的，很有道理。顯然，您沒有外匯敞口之類的東西，也沒有特別大的交易依賴性。我想，如果你確實與一些一級保險公司有更大的交易，你如何考慮那裡的擴張管道，假設後半部分的擴張率有任何不同，只是考慮到宏觀的變化您在哪些環境中有較大的交易風險？

Tyler, the short answer is really no major change. Again, for exactly the reasons I described at the beginning, which is we're fully deployed, we can bring these solutions up and running. It does not require a multiyear hundreds of millions of dollars of IT expense. It's basically these solutions can be integrated for relatively small dollars, and that ROI and the payoff is relatively huge. So we don't see any change, especially given the architecture of our platform and the way we deploy our solutions.

泰勒，簡短的回答是真的沒有什麼大的變化。同樣，正是出於我在開始時描述的原因，即我們已經完全部署，我們可以啟動並運行這些解決方案。它不需要多年數億美元的 IT 費用。基本上這些解決方案可以以相對較少的美元進行集成，而且投資回報率和回報相對巨大。所以我們看不到任何變化，特別是考慮到我們平台的架構和我們部署解決方案的方式。

Yes, Tyler, it's Brian. The only thing I would add is, clearly, we feel good about the pipeline, the resiliency of the business model, and that also reflects the raise we put in the second half of the year as we have line of sight to the key deals that need to land and our overall confidence for delivering the second half and the full year.

是的，泰勒，是布萊恩。我唯一要補充的是，顯然，我們對管道、商業模式的彈性感覺良好，這也反映了我們在今年下半年進行的加薪，因為我們對關鍵交易有視線需要著陸以及我們對交付下半年和全年的總體信心。

The next question comes from Gary Prestopino of Barrington Research.

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

Githesh, with this Estimate-STP, I'm assuming this is a fairly new product that insurance carriers are uptaking. What have you seen as far as the adoption once they get this product of usage to process claims within their organization?

Githesh，有了這個 Estimate-STP，我假設這是保險公司正在採用的相當新的產品。一旦他們使用這種產品來處理組織內的索賠，您對採用情況有何看法？

Gary, I would say we're seeing a wide variation, right? So because it has literally hundreds and hundreds of parameters that require tuning of the AI and making adjustments. So customers have different requirements, different needs. And what we're seeing is some of the early adopters move faster, some people use it for a relatively small amount of volume. And even products like photo, the photo channel, where almost now we've gone from 20% to 30% adoption. Even there, we've got some customers using it at 3% and some customers at 97%. So with Estimate-STP, everyone is, across the board, super excited because it's integrated deeply into our estimating platform.

加里，我會說我們看到了很大的差異，對吧？因為它確實有成百上千的參數需要調整 AI 並進行調整。所以客戶有不同的要求，不同的需求。我們看到的是一些早期採用者行動更快，有些人使用它的數量相對較少。甚至像照片、照片頻道這樣的產品，幾乎現在我們的採用率已經從 20% 上升到 30%。即使在那裡，我們也有一些客戶以 3% 的比例使用它，一些客戶以 97% 的比例使用它。因此，對於 Estimate-STP，每個人都非常興奮，因為它已深入集成到我們的估算平台中。

And so I'll just say it varies, but customers, as I also mentioned, have tried it out in 1 or 2 states. Some people tried it in 3 states and then some are in the process of rolling out. So we have a pretty broad range of adoption. But the exciting thing is we now have line of sight to over half of the industry adopting this solution.

所以我只是說它會有所不同，但正如我也提到的那樣，客戶已經在 1 或 2 個州進行了嘗試。有些人在 3 個州嘗試過，然後有些人正在推出。所以我們有相當廣泛的採用範圍。但令人興奮的是，我們現在可以看到超過一半的行業採用了這種解決方案。

Okay. And realizing this is a software product, I mean, do you have a mechanism to price this based on increased usage as you go forward?

好的。意識到這是一個軟件產品，我的意思是，你有沒有一種機制來根據你前進時增加的使用量來定價？

The short answer is, yes.

簡短的回答是，是的。

Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now turn over the call to CEO Githesh Ramamurthy for closing remarks.

女士們，先生們，我們的問答環節已經結束。我現在將把電話轉給首席執行官 Githesh Ramamurthy，請他作結束語。

Well, thank you all for joining us today. We are proud of our performance during our first year back in the public markets. And most of all, I want to say thank you to our customers, our CCC team members and our shareholders for the help in making that a reality. As we mentioned, we remain confident in our ability to continue to deliver on our strategic and financial objectives. And the strategic resilience of our business model continues to come through as we deliver innovation and operational efficiency for our customers.

好吧，謝謝大家今天加入我們。我們為回到公開市場的第一年的表現感到自豪。最重要的是，我要感謝我們的客戶、我們的 CCC 團隊成員和我們的股東幫助實現這一目標。正如我們所提到的，我們對繼續實現戰略和財務目標的能力充滿信心。隨著我們為客戶提供創新和運營效率，我們的業務模式的戰略彈性將繼續發揮作用。

We look forward to talking with you on the third quarter call in early November, if not sooner. Thank you again for your continued interest in CCC on behalf of all of my colleagues at CCC.

我們期待在 11 月初（甚至更早）的第三季度電話會議上與您交談。再次代表我在 CCC 的所有同事感謝您對 CCC 的持續關注。

Thank you. Ladies and gentlemen, that concludes today's conference. Thank you for your participation, and you may now disconnect your lines.

謝謝。女士們，先生們，今天的會議到此結束。感謝您的參與，您現在可以斷開線路。