CCC Intelligent Solutions Holdings Inc (CCC) 2022 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the CCC Intelligent Solutions Third Quarter 2022 Earnings Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 CCC 智能解決方案 2022 年第三季度收益電話會議。 （操作員說明）會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to Bill Warmington, Vice President of Investor Relations. Please go ahead, sir.

我現在想將會議轉交給投資者關係副總裁 Bill Warmington。請繼續，先生。

Good morning, and thank you for joining us today to CCC's Third quarter 2022 financial results, which we announced in the press release issued before the open of the market today. Joining me on the call are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

早上好，感謝您今天加入我們，了解 CCC 2022 年第三季度的財務業績，我們在今天開盤前發布的新聞稿中宣布了這一業績。 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 today 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.

我們今天就公司的業績和計劃所做的前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果和公司計劃的實施發生重大變化。這些風險在我們的投資者關係網站上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, reproduction or other use of the same for profit or otherwise without prior consent of CCC's prohibited and a violation of United States copyright and other laws.

此外，這些評論和隨後的問答今天由 CCC Intelligent Solutions Holdings, Inc. 擁有版權。未經 CCC 事先同意，任何記錄、轉發、複製或以其他方式使用相同的內容以營利或以其他方式被禁止並侵犯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 the inaccuracies that may appear in that transcript. Please note the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the company's financial condition and the results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website. Thank you. And now I'll turn the call over to Githesh.

此外，雖然我們已批准第三方發布此次通話的文字記錄，但我們對該文字記錄中可能出現的不准確之處不承擔任何責任。請注意，今天電話會議的討論包括美國證券交易委員會定義的某些非 GAAP 財務措施。公司認為，這些非 GAAP 財務指標為管理層和投資者提供了有關與公司財務狀況和經營業績相關的某些財務和業務趨勢的有用信息。我們的投資者關係網站上的收益發布中提供了 GAAP 與非 GAAP 措施的對賬。謝謝。現在我將把電話轉給 Githesh。

Thank you, Bill, and thanks to all of you for joining us today. I'm pleased to report that CCC delivered another quarter of strong top and bottom line performance. For the third quarter of 2022, CCC's total revenue was $199 million, up 13% year-over-year and ahead of our guidance range. Adjusted EBITDA was $78 million, up 11% year-over-year also ahead of our guidance range. Our adjusted EBITDA margin was 39.3%. Based on our strong performance in the third quarter and year-to-date, coupled with our outlook for Q4, we are raising our revenue and adjusted EBITDA guidance for the full year, which Brian will walk through.

謝謝你，比爾，感謝大家今天加入我們。我很高興地報告 CCC 又交付了四分之一強勁的頂線和底線業績。 2022 年第三季度，CCC 的總收入為 1.99 億美元，同比增長 13%，超出我們的指導範圍。調整後的 EBITDA 為 7800 萬美元，同比增長 11%，也超出了我們的指導範圍。我們調整後的 EBITDA 利潤率為 39.3%。基於我們在第三季度和年初至今的強勁表現，以及我們對第四季度的展望，我們正在提高我們的收入並調整全年的 EBITDA 指導，Brian 將逐步完成。

Today, I would like to discuss 3 topics. The first is the uniqueness and strength of the CCC platform. The second is how our efficient financial model enables continuous investment and innovation throughout economic cycles. And third is the progress we're making on our new solutions. Beginning with our first topic, what makes CCC's platform so unique is that it combines an efficient technology framework, close customer relationships and a multisided network that benefits all parties, resulting in a powerful business model. Our technology framework is a key element of the CCC platform. We have a long history of being at the forefront of technological innovation for the auto insurance economy. Whether that was introducing the CCC 1 platform for collision repair more than a decade ago, and which today represents more than 40% of our revenue or more recently in launching and scaling several first in the world AI solutions for claims.

今天，我想討論3個話題。首先是CCC平台的獨特性和實力。第二個是我們高效的金融模型如何在整個經濟周期中實現持續投資和創新。第三是我們在新解決方案方面取得的進展。從我們的第一個話題開始，CCC平台的獨特之處在於它結合了高效的技術框架、密切的客戶關係和多方網絡，使各方受益，從而形成了強大的商業模式。我們的技術框架是 CCC 平台的關鍵要素。長期以來，我們一直處於汽車保險經濟技術創新的前沿。無論是在十多年前推出用於碰撞修復的 CCC 1 平台，如今占我們收入的 40% 以上，還是最近推出和擴展了多個世界首創的索賠 AI 解決方案。

Innovation is at the heart of what we do. And today, our 100% multi-tenant cloud architecture is scalable and enables us to roll out new products and updates quickly and cost effectively. We are also very fortunate to have great customers who want to innovate with us and to do so over the long-term.

創新是我們工作的核心。如今，我們的 100% 多租戶雲架構具有可擴展性，使我們能夠快速且經濟高效地推出新產品和更新。我們也非常幸運，擁有希望與我們一起創新並長期這樣做的優秀客戶。

A good example of this is a recent renewal with a top 20 national insurer. This insurer extended their contract with us through 2029, a 7-year extension versus our typical 3- to 5-year contract length and also expanded their relationship to include multiple new solutions. This arrangement underscores CCC's role as our customers' long-term innovation platform of choice with customers increasingly looking to the CCC Cloud to help them transform their business and optimize their performance.

這方面的一個很好的例子是最近與一家排名前 20 的國家保險公司的續約。這家保險公司將他們與我們的合同延長至 2029 年，與我們通常的 3 至 5 年合同期限相比，延長了 7 年，並且還擴大了他們的關係以包括多個新解決方案。這種安排凸顯了 CCC 作為我們客戶長期選擇的創新平台的作用，客戶越來越希望 CCC 雲幫助他們轉變業務並優化他們的績效。

A core part of delivering those results is how we work with customers. Delivering solutions with significant input from our customers, enables us to effectively address customer pain points and deliver near-term operational efficiencies for our clients. In many cases, years ahead of others. As a result, our solutions have high levels of customer adoption, ROI and renewal, which helps create a powerful and highly scalable business model, maintaining close customer relationships is a key part of CCC's culture and a major driver of our consistent Net Promoter Score of 80.

提供這些結果的核心部分是我們如何與客戶合作。根據客戶的重要意見提供解決方案，使我們能夠有效地解決客戶的痛點並為我們的客戶提供近期的運營效率。在許多情況下，比其他人早幾年。因此，我們的解決方案具有高水平的客戶採用率、投資回報率和更新率，這有助於創建強大且高度可擴展的業務模型，保持密切的客戶關係是 CCC 文化的關鍵部分，也是我們始終如一的淨推薦值的主要驅動力80.

Our network is another key element of the CCC platform. Our network is large, complex, highly interconnected and generates value for all participants. It supports mission-critical processes at over 30,000 companies and across more than $100 billion of annual transactions. The network includes insurers, repair facilities, OEMs, parts suppliers and many other members of the auto insurance economy.

我們的網絡是 CCC 平台的另一個關鍵要素。我們的網絡龐大、複雜、高度互聯，並為所有參與者創造價值。它支持超過 30,000 家公司的關鍵任務流程和超過 1000 億美元的年度交易。該網絡包括保險公司、維修機構、原始設備製造商、零部件供應商和汽車保險經濟體的許多其他成員。

With CCC, the trusted partner, powering and facilitating billions of interactions. As the CCC network has grown in both segments and participants, the value of the network to each participant has also grown, the classic network effect. We believe that interconnected CCC network is an essential enabler of the auto insurance economy's transformation and is a great way for our customers to address the rapidly increasing complexity they face.

與值得信賴的合作夥伴 CCC 合作，為數十億次互動提供動力和便利。隨著 CCC 網絡在細分市場和參與者方面的增長，網絡對每個參與者的價值也在增長，這就是經典的網絡效應。我們相信互聯的 CCC 網絡是汽車保險經濟轉型的重要推動力，也是我們的客戶解決他們所面臨的迅速增加的複雜性的好方法。

The second topic I'd like to cover today is how our efficient financial model enables continuous investment in innovation throughout economic cycles. Our financial model is both predictable and scalable. In terms of predictability, over 80% of our revenue is subscription-based under 3- to 5-year contracts, and we have 99% gross dollar retention.

我今天要討論的第二個主題是我們高效的金融模型如何在整個經濟周期中實現對創新的持續投資。我們的財務模型既可預測又可擴展。就可預測性而言，我們超過 80% 的收入是基於 3 至 5 年合同的訂閱，並且我們有 99% 的總美元保留率。

In terms of scalability, CCC's high 70s percent gross margin is a product of our highly efficient, cloud-based service delivery model I discussed earlier. In addition, we have an efficient go-to-market model because we already have broad customer coverage with our growth increasingly coming from existing clients. These efficiencies allow us to continually reinvest in our state-of-the-art technology stack over the long-term, enabling rapid deployment to customers.

在可擴展性方面，CCC 70% 的高毛利率是我之前討論過的高效、基於雲的服務交付模型的產物。此外，我們擁有高效的上市模式，因為我們已經擁有廣泛的客戶覆蓋範圍，而我們的增長越來越多地來自現有客戶。這些效率使我們能夠長期不斷地對我們最先進的技術堆棧進行再投資，從而能夠快速部署給客戶。

During the pandemic, for example, we continue to invest aggressively in developing new solutions such as Estimate-STP, Diagnostics and Payments. These investments, combined with decades of previous investments position CCC at the heart of a major digital transformation of the auto insurance economy. We think a good analog is how the great financial crisis of 2008, 2009 accelerated the digital transformation of the financial services industry in the decade that follow.

例如，在大流行期間，我們繼續積極投資開發新的解決方案，例如 Estimate-STP、Diagnostics 和 Payments。這些投資與之前數十年的投資相結合，使 CCC 處於汽車保險經濟重大數字化轉型的核心。我們認為一個很好的類比是 2008 年、2009 年的金融危機如何在隨後的十年中加速金融服務業的數字化轉型。

We believe that pandemic illustrated to auto insurance economy participants, the need for new tools to improve their consumer experiences and operational efficiency. We believe this industry is in the early innings of this transformation and that these forces have changed will underpin our growth for the next decade.

我們認為，大流行向汽車保險經濟參與者表明，需要新工具來改善他們的消費者體驗和運營效率。我們相信這個行業正處於這種轉型的早期階段，這些力量的變化將支撐我們未來十年的增長。

The third topic I'd like to talk about today is the progress we are making on some of our newer solutions. We have a long history of developing solutions, combining software, hyper local data and our interconnected network to solve problems for our customers. Today, our customers' problems include labor shortages, supply chain challenges, inflation, lack of repair facility capacity and rising consumer expectations, all compounded by the increasing complexity of vehicles and of the ecosystem itself.

今天我想談的第三個話題是我們在一些較新的解決方案上取得的進展。我們在開發解決方案、結合軟件、超本地數據和我們的互聯網絡來為客戶解決問題方面有著悠久的歷史。今天，我們客戶的問題包括勞動力短缺、供應鏈挑戰、通貨膨脹、維修設施能力不足和消費者期望值上升，所有這些都因車輛和生態系統本身的複雜性增加而變得更加複雜。

So far, in 2022, for example, repair costs are running over 12% higher than the same period in 2021. And in third quarter 2022 the national average scheduling backlog for auto accident repair has reached 4.8 weeks, more than twice the previous peak, up 2.2 weeks in the first quarter of 2017. And those figures are all before the impact of Hurricane Ian. Customers recognize that investing in digital solutions is the best way to counteract the negative impact of the macro challenges we are facing.

到目前為止，以 2022 年為例，維修成本比 2021 年同期高出 12% 以上。而在 2022 年第三季度，全國汽車事故維修的平均調度積壓已達到 4.8 週，是之前峰值的兩倍多， 2017 年第一季度增加了 2.2 週。這些數字都是在颶風伊恩影響之前。客戶認識到投資數字解決方案是抵消我們面臨的宏觀挑戰的負面影響的最佳方式。

This morning, I wanted to give you an update on 2 of our solutions that are helping to do that. We discussed these last quarter, Estimate-STP and Diagnostics. Estimate-STP is our AI-based system that can write line item insurance claim estimates from photographs with little to no human involvement based on carrier configuration. We now have 14 clients on Estimate-STP, up 3 from the 11 we mentioned on our last earnings call in August.

今天早上，我想向您介紹有助於實現這一目標的 2 個解決方案的最新情況。我們在上個季度討論了這些，Estimate-STP 和 Diagnostics。 Estimate-STP 是我們基於 AI 的系統，它可以根據承運人配置，根據照片編寫單項保險理賠估算，幾乎不需要人工參與。我們現在在 Estimate-STP 上有 14 個客戶，比我們在 8 月份的上一次財報電話會議上提到的 11 個增加了 3 個。

We now have 7 of the top 10 insurers representing over 50% of the industry claim volume, running Estimate-STP, and we are excited that clients are starting to roll it out nationally. The absolute volume levels are still a tiny fraction of the potential, but they are growing quickly off that small base. In September, the number of claims being processed through Estimate-STP was several multiples of the number of claims processed in January.

我們現在有 7 家前 10 大保險公司（佔行業索賠量的 50% 以上）運行 Estimate-STP，我們很高興客戶開始在全國范圍內推廣它。絕對體積水平仍然是潛力的一小部分，但它們正在從這個小基數快速增長。 9 月份，通過 Estimate-STP 處理的索賠數量是 1 月份處理的索賠數量的幾倍。

I also wanted to mention CCC Smart Red Flag Cross-Carrier in the context of Estimate-STP as well as the broader straight-through processing opportunity. CCC Smart Red Flag Cross-Carrier is an AI-powered fraud detection system that leverages the claims data of the participating insurers on the CCC cloud. 5 weeks ago, we announced that GEICO was the first auto insurer to join. And since then, 8 additional carriers have signed up. These 9 carriers include 3 of the top 10 and represent about 30% total market coverage. We believe Smart Red Flag Cross-Carrier is an important digital enabler for the auto insurance economy because it helps increase trust in the digital claims system as the velocity of auto claims increases.

我還想在 Estimate-STP 以及更廣泛的直通處理機會的背景下提及 CCC Smart Red Flag Cross-Carrier。 CCC Smart Red Flag Cross-Carrier 是一種人工智能驅動的欺詐檢測系統，它利用 CCC 雲上參與保險公司的索賠數據。 5 週前，我們宣布 GEICO 是第一家加入的汽車保險公司。從那時起，又有 8 家運營商簽約。這 9 家運營商包括前 10 名中的 3 家，佔總市場覆蓋率的 30% 左右。我們認為，Smart Red Flag Cross-Carrier 是汽車保險經濟的重要數字推動因素，因為隨著汽車理賠速度的提高，它有助於增加對數字理賠系統的信任。

The second solution I'm going to talk about is Diagnostics. Cars are getting safer, but all these safety features are also making cars more complex. As a result, diagnostic scans are getting more and more important because damage is not always visible to make it up. 5 years ago, the number of repairable appraisals that included the scan was about 3%. Today, that figure is about 50%. Over the past few years, we built out a robust network of leading providers of diagnostic services such as asTech, AirPro, Opus and Honda. In fact, last week, just before a large trade show in Las Vegas, we launched a new optional add-on package to CCC Diagnostics, our diagnostic solution for repair facilities.

我要談的第二個解決方案是診斷。汽車變得越來越安全，但所有這些安全功能也使汽車變得更加複雜。因此，診斷掃描變得越來越重要，因為損壞並不總是可見的，無法彌補。 5 年前，包括掃描在內的可修復評估數量約為 3%。今天，這個數字約為 50%。在過去的幾年裡，我們建立了一個由領先的診斷服務提供商組成的強大網絡，例如 asTech、AirPro、Opus 和 Honda。事實上，上週，就在拉斯維加斯的一個大型貿易展之前，我們推出了一個新的可選附加包，用於 CCC 診斷，這是我們用於維修設施的診斷解決方案。

The add-on enables repairs to simplify the administration of diagnostics, creating more consistency in reporting, improving verification of scans and increasing transparency between repairs and insurers. We have also received strong endorsements from OEM and automotive customers who see this capability as being very helpful to repair quality and safety.

該附加組件使維修能夠簡化診斷管理，提高報告的一致性，改進掃描驗證並提高維修與保險公司之間的透明度。我們還得到了 OEM 和汽車客戶的強烈認可，他們認為此功能對維修質量和安全性非常有幫助。

The new CCC Diagnostics add-on is part of the previously defined $50 million to $100 million revenue opportunity for Diagnostics and is another example of the central role CCC is playing in digitizing the auto insurance economy. Before concluding my remarks, I'd like to welcome Mike Silva to our executive team at CCC's new Chief Commercial and Customer Success Officer. Mike has run multibillion-dollar U.S. and international operations at companies like Microsoft, IBM, UnitedHealth and most recently, Salesforce. And best of all, it represents the core values we look for in our leaders.

新的 CCC Diagnostics 附加組件是先前定義的 5000 萬至 1 億美元 Diagnostics 收入機會的一部分，也是 CCC 在汽車保險經濟數字化方面發揮核心作用的另一個例子。在結束我的發言之前，我想歡迎 Mike Silva 加入我們 CCC 新任首席商務和客戶成功官的執行團隊。 Mike 曾在 Microsoft、IBM、UnitedHealth 以及最近的 Salesforce 等公司經營價值數十億美元的美國和國際業務。最重要的是，它代表了我們在領導者身上尋找的核心價值觀。

Mike also has direct industry experience, having started his career as a claims manager at Chubb Insurance. His deep experience with enterprise-level sales in SaaS, cloud and AI across insurance, financial services and other industries. I have high confidence in Mike's ability to help our customers improve their operational efficiency and consumer experiences. Mike, it's great to have you as a part of our team.

Mike 也有直接的行業經驗，他的職業生涯始於 Chubb Insurance 的理賠經理。他在保險、金融服務和其他行業的 SaaS、雲和 AI 企業級銷售方面擁有豐富的經驗。我對邁克幫助我們的客戶提高運營效率和消費者體驗的能力充滿信心。邁克，很高興你能成為我們團隊的一員。

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 we now turn to the numbers, First, I'd like to review our third quarter 2022 results and then discuss our updated guidance for the fourth quarter and for the full year 2022. Total revenue for the third quarter was $198.7 million, up 13% from the prior year period. Approximately 10% of our revenue growth in the third quarter was driven by cross-sell and upsell into our installed client base, including continued strong adoption of our digital solutions, about 1 percentage point of the 10% came from the large expansion deals that we closed in the second half of last year that we've been talking about over the last several quarters.

謝謝，吉塞什。現在我們來看數字，首先，我想回顧一下我們 2022 年第三季度的業績，然後討論我們對第四季度和 2022 年全年的最新指導。第三季度的總收入為 1.987 億美元，增長 13與去年同期相比的百分比。我們第三季度約 10% 的收入增長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，包括繼續大力採用我們的數字解決方案，這 10% 中約有 1 個百分點來自我們的大型擴張交易我們在過去幾個季度一直在談論的去年下半年關閉。

An incremental 3% came from new logos, mostly repair facilities and parts suppliers. I'd also note that 99% of our revenue in the third quarter was domestic.

增加的 3% 來自新標識，主要是維修設施和零件供應商。我還要指出，我們第三季度 99% 的收入來自國內。

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 Q3 2022, 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 to our predictable and resilient revenue model. Software net dollar retention, or NDR, captures the amount of cross-sell and upsell from our existing customers compared to the prior year period as well as volume movements in our auto physical damage client base.

轉向我們的關鍵指標。軟件總美元保留或 GDR 捕獲與去年同期相比從我們的客戶群中保留的收入金額。 2022 年第三季度，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。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。

In Q3 2022, software NDR was 110%, which is above our historical average. The consistently strong NDR performance in recent quarters reflects the success we've been having 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 against this for the foreseeable future.

2022 年第三季度，軟件 NDR 為 110%，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，我們有極好的機會對此進行執行。

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. Adjusted gross profit in the quarter was $154.1 million with adjusted gross profit margin of 78%, which is consistent with the third quarter of last year. We feel good about the operating leverage and scalability of our business and being able to deliver against our long-term target of 80%. In terms of expenses, adjusted operating expenses were $83.1 million, which grew 11% year-over-year. Growth in these expenses was driven mainly by headcount additions and to a lesser extent, an increase in discretionary spend as these expenses are largely normalized.

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。本季度調整後毛利為 1.541 億美元，調整後毛利率為 78%，與去年第三季度持平。我們對我們業務的運營槓桿和可擴展性以及能夠實現我們 80% 的長期目標感到滿意。在費用方面，調整後的運營費用為 8310 萬美元，同比增長 11%。這些費用的增長主要受員工人數增加的推動，在較小程度上受可自由支配支出的增加推動，因為這些費用在很大程度上已正常化。

On the headcount point, we are pleased with the progress made to advance both our operational capabilities and capacity for new product innovation by adding key positions across product management and product development. We feel we are in a strong position to continue to deliver ongoing innovation into the market and executing on our strategic agenda.

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和新產品創新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的創新並執行我們的戰略議程。

Adjusted EBITDA for the quarter was $78.1 million with a 39.3% adjusted EBITDA margin. Adjusted EBITDA grew 11% year-over-year with a slight margin decline of 40 basis points compared to Q3 of last year. The modest margin decline reflects operating leverage of our revenue growth being offset by investment in resources to support our long-term growth initiatives. As an example, year-to-date, we have increased our product development staff month capacity by approximately 20%.

本季度調整後的 EBITDA 為 7810 萬美元，調整後的 EBITDA 利潤率為 39.3%。調整後的 EBITDA 同比增長 11%，與去年第三季度相比利潤率略有下降 40 個基點。利潤率的適度下降反映了我們收入增長的經營槓桿被資源投資所抵消，以支持我們的長期增長計劃。例如，今年迄今為止，我們的產品開發人員月產能增加了約 20%。

Now turning to the balance sheet and cash flow. We ended the quarter with $248 million in cash and cash equivalents and $794 million of debt. At the end of the quarter, our net leverage was approximately 1.8x adjusted EBITDA. In an effort to proactively manage our interest rate risk, during the third quarter, we put in place a 4% 3-year interest rate cap on $600 million of our floating rate debt. Going forward, the interest rate on our debt will continue to float based on a 1-month LIBOR, but approximately 3/4 of our debt will be subject to an interest rate cap of 4%.

現在轉向資產負債表和現金流量。本季度末，我們擁有 2.48 億美元的現金和現金等價物以及 7.94 億美元的債務。本季度末，我們的淨槓桿約為調整後 EBITDA 的 1.8 倍。為了主動管理我們的利率風險，在第三季度，我們對 6 億美元的浮動利率債務設定了 4% 的 3 年期利率上限。展望未來，我們的債務利率將繼續根據 1 個月 LIBOR 浮動，但我們約 3/4 的債務將受到 4% 的利率上限的限制。

Free cash flow in the quarter was $17.4 million compared to $25 million in the prior year period. Year-to-date, we've converted approximately 43% of our adjusted EBITDA into unlevered free cash flow. Adjusting for the timing of customer receipts, which were collected in October, the interest rate cap and the headquarter buildout, adjusted unlevered free cash flow would have been in the low 60s range year-to-date consistent with historical results.

本季度的自由現金流為 1740 萬美元，而去年同期為 2500 萬美元。年初至今，我們已將約 43% 的調整後 EBITDA 轉換為無槓桿自由現金流。調整 10 月份收取客戶收款的時間、利率上限和總部擴建後，調整後的無槓桿自由現金流量今年迄今將處於 60 年代的低水平，與歷史結果一致。

Now I'd like to finish with guidance, beginning with the fourth quarter. We expect total revenue of $200 million to $202 million. This represents 7% year-over-year growth at the midpoint. We expect adjusted EBITDA of $77 million to $79 million, which represents a 39% adjusted EBITDA margin at the midpoint. For the full year 2022, we expect revenue of $779 million to $781 million, which represents 13% year-over-year growth at the midpoint. We expect adjusted EBITDA of $302 million to $304 million, which represents a 39% adjusted EBITDA margin at the midpoint. Three points to keep in mind as you think about our fourth quarter and full year guidance.

現在我想以指導結束，從第四季度開始。我們預計總收入為 2 億至 2.02 億美元。這代表中點同比增長 7%。我們預計調整後的 EBITDA 為 7,700 萬美元至 7,900 萬美元，按中點計算，調整後的 EBITDA 利潤率為 39%。對於 2022 年全年，我們預計收入為 7.79 億美元至 7.81 億美元，中值同比增長 13%。我們預計調整後的 EBITDA 為 3.02 億美元至 3.04 億美元，這相當於 39% 的調整後 EBITDA 利潤率中點。當您考慮我們的第四季度和全年指導時，請牢記三點。

The first is that we have now lapped all the large expansion deals that we signed in the second half of last year. These deals contributed 5% of revenue growth in the first quarter of 2022, 4 points in the second quarter and 1 point in the third quarter. We will receive no benefit from these deals in the fourth quarter.

首先是我們現在已經完成了去年下半年簽署的所有大型擴張交易。這些交易在 2022 年第一季度貢獻了 5% 的收入增長，第二季度為 4 個百分點，第三季度為 1 個百分點。我們在第四季度不會從這些交易中受益。

The second point is that we had a 2 percentage point contribution from nonrecurring revenue in the fourth quarter of last year. This creates a 2-point revenue headwind for us in the fourth quarter, which means the implied fourth quarter guidance of 7% to 8% revenue growth with (inaudible) 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。這給我們在第四季度帶來了 2 點的收入逆風，這意味著第四季度隱含的收入增長 7% 到 8% 的指引（聽不清）2 點的逆風將在第四季度增長 9% 到 10%四分之一。

The third point is that we are raising our adjusted EBITDA margin forecast for the full year based on the operating leverage of our revenue performance in Q3 and year-to-date. We expect adjusted EBITDA margin will be up approximately 80 basis points for the full year 2022 to about 39%. This represents about 900 basis points of margin expansion since the end of 2019. 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，我們根據第三季度和年初至今收入表現的經營槓桿，提高了全年調整後的 EBITDA 利潤率預測。我們預計 2022 年全年調整後的 EBITDA 利潤率將上升約 80 個基點至約 39%。這代表自 2019 年底以來利潤率增長了約 900 個基點。我們繼續專注於創新投資以支持我們的增長雄心，同時朝著我們長期的 40 年代中期調整後 EBITDA 利潤率目標邁進。

Overall, our guidance reflects our confidence in the underlying momentum of the business and we feel good about the strategic position of the long-term opportunities in our product portfolio. We believe we have many shots on goal. Two of which were highlighted today with Estimate-STP and Diagnostics, but we have many other exciting opportunities across both our emerging solutions like subrogation and payments as well as our more established solutions like casualty, repair shop package upsells and Engage.

總的來說，我們的指引反映了我們對業務潛在勢頭的信心，我們對我們產品組合中長期機會的戰略地位感到滿意。我們相信我們有很多射門。今天通過 Estimate-STP 和 Diagnostics 突出了其中兩個，但我們在我們的新興解決方案（如代位求償權和付款）以及我們更成熟的解決方案（如傷亡、維修店包加售和參與）中還有許多其他令人興奮的機會。

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 target of 7% to 10% next year and beyond. As we continue to execute on our strategic priorities, we believe we will generate significant value for both our customers and our shareholders. With that, operator, we're now ready to take questions. Thank you.

整個 P&C 保險經濟對數字化的需求持續加速，CCC 處於有利地位，可以在近期和長期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。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。有了這個，接線員，我們現在準備好接受提問了。謝謝。

(Operator Instructions) The first question comes from Gabriela Borges of Goldman Sachs.

（操作員說明）第一個問題來自高盛的加布里埃拉博爾赫斯。

For both Brian and Githesh, Brian, you talked a little bit about the puts and takes, the 4Q guidance. Githesh, you talked about some of the longer-term secular tailwinds you're seeing post-COVID. I'd ask about the long-term growth rate, so the 7% to 10%. Maybe give us a little bit of insight into what would drive you to be at the low end of that range versus the high end of that range in any given year? And any early visibility into 2023 and how we should be thinking about that?

對於 Brian 和 Githesh，Brian，你談到了 4Q 指導。 Githesh，您談到了您在 COVID 後看到的一些長期長期順風。我會問長期增長率，所以 7% 到 10%。也許給我們一點洞察力，讓您了解在任何一年中是什麼驅使您處於該範圍的低端與該範圍的高端？對 2023 年的任何早期可見性以及我們應該如何考慮？

Brian, do you want to take the first part? Gabriela, and I'll take the second part of your question.

布賴恩，你想參加第一部分嗎？加布里埃拉，我將回答你問題的第二部分。

Yes. Gabriela, I'll start think about Q4 and the range we put out. So we talked about 7% at the midpoint and 8% at the high end range. Remember, within there, there's 2 points of headwind that we're facing. So when you normalize that, that's 9% and then 10% at the high end range. So I think that's a good way to think about how we're going to end the year and then the stepping off point into next year.

是的。加布里埃拉，我會開始考慮第四季度和我們推出的範圍。所以我們談到了中點的 7% 和高端範圍的 8%。請記住，在那裡，我們面臨著兩點逆風。因此，當您對其進行標準化時，在高端範圍內為 9% 和 10%。所以我認為這是思考我們將如何結束這一年然後進入明年的起點的好方法。

When you think about what will drive the high end of the range, it's certainly going to be -- one of the key factors will be the adoption of our newer solutions and how those track. And so when we think about what will push us to the high end or beyond, it's really going to be the progress of those new solutions that we're rolling out and the adoption of them. Githesh, if you wanted to add some additional color?

當你考慮什麼將推動該範圍的高端時，它肯定會是 - 關鍵因素之一將是採用我們更新的解決方案以及這些解決方案的跟踪方式。因此，當我們考慮什麼將推動我們走向高端或更高水平時，這實際上將是我們正在推出的那些新解決方案的進展以及它們的採用。 Githesh，如果你想添加一些額外的顏色？

Yes. Gabriela, one of the things that we have focused on is having a very, very scalable and modern cloud architecture. So as we deliver new solutions, our ROI tends to be very quick. We're talking about 90 days, typically from the time we roll out a product or a solution. So as a result, we have high adoption.

是的。 Gabriela，我們關注的其中一件事是擁有一個非常非常可擴展的現代云架構。因此，當我們提供新的解決方案時，我們的投資回報率往往會非常快。我們談論的是 90 天，通常是從我們推出產品或解決方案之日起。因此，我們的採用率很高。

And as an example, I mentioned Estimate-STP. And if you look at even just over a quarter, we've added 3 large clients. And as we roll out existing products, as we roll out our newer solutions, we're also continuously developing new products. So I would say adoption as well as the pipeline we have of new solutions is what gives us confidence.

作為示例，我提到了 Estimate-STP。如果你只看四分之一多一點，我們就會增加 3 個大客戶。隨著我們推出現有產品，推出更新的解決方案，我們也在不斷開發新產品。所以我想說，採用新解決方案以及我們擁有的管道給了我們信心。

And most importantly, we've had a number of meetings with our customers. And they all have indicated a very deep propensity to continue to roll our solutions out. That's what gives us confidence in our growth.

最重要的是，我們與客戶進行了多次會議。他們都表示非常願意繼續推出我們的解決方案。這就是讓我們對我們的成長充滿信心的原因。

That all makes sense. As a follow-up, Githesh, congratulations on hiring Mike. Maybe give us a little bit of a preview. What are a couple of key projects that Mike will be looking on? And what are some of the areas where you think you can really move the needle?

這一切都說得通。作為後續行動，Githesh，祝賀你聘請了 Mike。也許給我們一點預覽。 Mike 將關注的幾個關鍵項目是什麼？您認為您可以在哪些領域真正發揮作用？

Sure. Mike is primarily focused on, first and foremost, making sure he has an extraordinarily deep understanding of our customers, our products and solutions as we built all of these over the long run. And Mike's primary focus is working with our customers and to really roll out many of these newer solutions, a whole range of solutions working with our teams. And that Mike has deep experience in go-to-market rollout of new solutions. And that's, I would say, hey, a big focus for Mike.

當然。 Mike 主要關注的是，首先也是最重要的，確保他對我們的客戶、我們的產品和解決方案有非常深入的了解，因為我們從長遠來看構建了所有這些。邁克的主要重點是與我們的客戶合作，並真正推出許多這些更新的解決方案，與我們的團隊合作的一系列解決方案。邁克在新解決方案的上市推廣方面擁有豐富的經驗。那就是，我會說，嘿，邁克的一個重點。

The next question comes from Dylan Becker of William Blair.

下一個問題來自威廉·布萊爾的迪倫·貝克爾。

Congrats on the quarter. I guess maybe starting with Githesh, the idea, you touched on STP planning out around claims automation, obviously, some solid early traction there. But as you think about the idea of rounding out the broader kind of touchless claims opportunity, I think that there's probably other components that you could build out, right? So speaking to that innovation piece, you touched on smart enabler. I would just understand how the early track you're seeing maybe gives you and the market confidence in claims automation capabilities and how you're thinking about rounding up that suite in the future innovation cadence there?

祝賀這個季度。我想也許從 Githesh 開始，這個想法，你談到了圍繞索賠自動化的 STP 規劃，顯然，那裡有一些堅實的早期牽引力。但是當你考慮完善更廣泛的非接觸式索賠機會的想法時，我認為你可能還可以構建其他組件，對嗎？因此，在談到那篇創新文章時，您談到了智能推動者。我只想了解您所看到的早期跟踪可能如何讓您和市場對索賠自動化功能充滿信心，以及您如何考慮在未來的創新節奏中完善該套件？

Okay. Thanks for the question, Dylan. And here's what we're seeing. What we started to do, first and foremost, was when we started rolling out Estimate-STP, people started testing Estimate-STP in a handful of geographies. People are tested out in the state, maybe 2 states, maybe 3 states. And just by way of background, prior to Estimate-STP, we had rolled out Smart Estimate, which was our AI solution, which were being used by thousands of adjusters, so people get really comfortable with the ability of the AI and its fundamental capabilities.

好的。謝謝你的問題，迪倫。這就是我們所看到的。我們首先要做的是，當我們開始推出 Estimate-STP 時，人們開始在少數幾個地區測試 Estimate-STP。人們在該州進行測試，可能是 2 個州，也可能是 3 個州。僅作為背景，在 Estimate-STP 之前，我們推出了 Smart Estimate，這是我們的 AI 解決方案，被數以千計的調解員使用，因此人們對 AI 的能力及其基本功能感到非常滿意.

So as we move to Estimate-STP, what we are now seeing is clients are going from 1 or 2 or 3 states to in some instances, have gone to all 50 states, and that volumes are still very tiny. But as we tune the models, as we add more customers and people are rolling out in more states, we see tremendous opportunities for Estimate-STP to continue to roll out across our client base.

因此，當我們轉向 Estimate-STP 時，我們現在看到的是客戶從 1 個或 2 個或 3 個州轉移到某些情況下，已經轉移到所有 50 個州，而且數量仍然非常小。但是隨著我們調整模型，隨著我們增加更多的客戶並且人們在更多的州推出，我們看到了 Estimate-STP 繼續在我們的客戶群中推廣的巨大機會。

Now just as a reminder, Estimate-STP is part of a much broader view that we have around STP or straight-through processing. So this ability to demonstrate in very tangible terms, immediately, what Estimate-STP can deliver gives our customers a lot of confidence, and we're working at design levels with many of our customers across a much broader STP, which basically starts all the way from consumer, all the way through settlement and takes advantage of the network of customers we have across insurers, repairers, parts providers because you have to bring all of these pieces together to truly pull off straight-through processing.

現在提醒一下，Estimate-STP 是我們對 STP 或直通式處理的更廣泛觀點的一部分。因此，這種以非常具體的方式立即展示 Estimate-STP 可以提供什麼的能力給了我們的客戶很大的信心，我們正在設計層面與我們的許多客戶在更廣泛的 STP 上合作，這基本上開始了所有從消費者開始，一直到結算，並利用我們在保險公司、維修商、零件供應商之間的客戶網絡，因為你必須將所有這些部分結合在一起才能真正實現直通式處理。

That's very helpful. I appreciate the color there. Maybe switching over to the repair facility side as well, too. The idea of consolidation playing out in the space. You've got a healthy share here. And I'd assume that most of your customers tend to be the consolidators. You touched on a lot of the macro impacts, but maybe how they're prioritizing investment and efficiency to address again growing backlogs, material, labor challenges, everything you talked about?

這很有幫助。我欣賞那裡的顏色。也許也可以切換到維修設施方面。整合的想法在這個領域發揮作用。你在這裡有一個健康的份額。而且我假設您的大多數客戶往往是集運商。你談到了很多宏觀影響，但也許他們如何優先考慮投資和效率，以再次解決不斷增長的積壓、材料、勞動力挑戰，你談到的一切？

Yes. In fact, I was at our trade show just day before yesterday talking to many of our repair customers. And what we see across the board is just as a reminder, we also have a lot of independent customers, repair facilities as customers. So when we say we have 27,500-plus customers, it is made up of multi-store operators. It's made up of independence. So it's a pretty large share of both that are there.

是的。事實上，就在前天，我還在我們的貿易展上與我們的許多維修客戶交談。我們全面看到的只是一個提醒，我們也有很多獨立客戶，作為客戶的維修設施。所以當我們說我們有 27,500 多個客戶時，它是由多店經營者組成的。它由獨立組成。所以它在兩者中佔有相當大的份額。

What we are seeing is that the pressures that they have in terms of labor shortage, inflationary costs and many of the things that we pointed out, people are looking to save time. Time is the 1 thing that if they can have technicians and others be highly productive. So part of our solutions eliminates, simplifies things. So as an example, CCC ONE, all of the capabilities of CCC ONE streamlines the operation of not only multi-store operators, but also independent repair facilities.

我們看到的是，他們在勞動力短缺、通貨膨脹成本和我們指出的許多事情方面面臨的壓力，人們正在尋求節省時間。如果他們能讓技術人員和其他人高效工作，時間就是第一要素。因此，我們的部分解決方案消除、簡化了事情。因此，以 CCC ONE 為例，CCC ONE 的所有功能不僅簡化了多店運營商的運營，還簡化了獨立維修設施的運營。

And as we add functionality like Diagnostics, Diagnostics has a dramatic impact on improving the entire flow between OEM procedures to connecting to insurers. So what we're seeing across the board is people are seeing volume come back, but at the same time, the drive for more digital capabilities, more efficiency we are hearing that across the board from our repair customers as well.

隨著我們添加診斷等功能，診斷對改進 OEM 程序與保險公司之間的整個流程產生了巨大影響。因此，我們全面看到的是人們看到銷量回升，但與此同時，我們也從維修客戶那裡全面聽到了對更多數字功能、更高效率的推動。

The next question comes from David Kelley of Jefferies.

下一個問題來自 Jefferies 的 David Kelley。

Thanks for all the color on the lapping of your large expansion deals from last year. But maybe regarding the new top 20 expansion deals you announced this morning, how should we think about contribution from the new deal going forward? And also curious if there's any other major contracts potentially up for renewal in the coming months that we should be considering?

感謝您對去年的大型擴展交易進行的所有處理。但也許關於你今天早上宣布的新的前 20 大擴張交易，我們應該如何考慮新交易對未來的貢獻？並且還想知道在接下來的幾個月裡我們是否應該考慮是否還有其他可能需要續籤的主要合同？

Yes. David, it's Brian. I'll take that. Yes, so within the deal, I mean, we highlighted a top 20 renewals. Within that renewal, we had several products that were included as a cross-sell. We highlighted it also because of the term, right? So it's a 7-year term and really highlights the commitment this carrier has for CCC.

是的。大衛，是布萊恩。我會接受的。是的，所以在交易中，我的意思是，我們強調了前 20 名的續約。在那次更新中，我們有幾種產品作為交叉銷售包含在內。我們強調它也是因為這個詞，對吧？所以這是一個 7 年的任期，真正凸顯了這家運營商對 CCC 的承諾。

You think about that in just our normal step-up of growth sequentially. So when you look at our absolute dollars, you see each quarter, it's building -- it's going to be part of just that natural step-up of cadence and nothing particular to highlight on this deal within the guidance that we're seeing for Q4.

你只是在我們正常的增長順序中考慮這一點。因此，當您查看我們的絕對美元時，您會看到每個季度都在增加——這將成為節奏自然提升的一部分，在我們為第四季度看到的指導下，這筆交易沒有什麼特別需要強調的.

And when we talk about the guidance for next year. We are always working with our clients on cross-sell and expanding their bundles. And so that's just the natural cadence and we'll continue to do that as we think about next year and our growth, we'll be always cross-selling and upselling into our client base. So it's kind of standard operating procedure with the way we work with our clients.

當我們談論明年的指導時。我們一直在與客戶合作進行交叉銷售和擴展他們的捆綁銷售。所以這只是自然的節奏，我們將繼續這樣做，因為我們考慮明年和我們的增長，我們將始終交叉銷售和追加銷售到我們的客戶群。因此，這是我們與客戶合作的標準操作程序。

Okay. Got it. And then we're starting to see used vehicle values soften from really high and frankly record levels. This will have implications for vehicle total rates and clearly, your repair facility customers. I was hoping maybe you could walk us through how this trend impacts CCC and clearly, not nearly to the extent given your recurring revenue stream, but high level how do you think about a market where used vehicle values are starting to correct from really robust post-COVID supply shortage-driven levels?

好的。知道了。然後我們開始看到二手車價值從非常高和坦率的創紀錄水平走軟。這將對車輛總費率產生影響，顯然還會影響您的維修設施客戶。我希望也許你能告訴我們這種趨勢如何影響 CCC 並且很明顯，沒有達到你的經常性收入流的程度，但高水平你如何看待二手車價值開始從真正強勁的職位修正的市場-COVID 供應短缺驅動的水平？

Sure. So first and foremost, what I want to make clear is that we have deliberately designed our business model so that we have -- our goal for our clients is to give them the correct answer every single time. So it's very important that whether a vehicle should be repaired or a vehicle should be totaled, it's important to make the -- what is the accurate decision for that particular vehicle. With that said, as repair as total loss prices have come down, in fact, total loss valuation hit a $16,000 peak just a couple of months ago. So over a period of 20 years, total losses had gone from roughly $6,700 10,000 over 20 years -- and in the last 2 years, it went from 10,000 to 16,000.

當然。因此，首先，我想澄清的是，我們有意設計了我們的商業模式，以便我們 - 我們對客戶的目標是每次都給他們正確的答案。因此，無論是應該修理車輛還是應該對車輛進行總計，這一點非常重要，重要的是要做出 - 對於該特定車輛的準確決定是什麼。話雖如此，隨著總損失價格的修復，總損失價格已經下降，事實上，總損失估值在幾個月前就達到了 16,000 美元的峰值。因此，在 20 年的時間裡，總損失從大約 6,700 美元增加到 20 年的 10,000 美元——而在過去的 2 年裡，它從 10,000 美元增加到 16,000 美元。

So we've seen a significant bump. What we're seeing very, very recently, literally in October, September, late into October is total loss percentages coming down from the 20% range, closer to 18%. And that is directly related to the softening of used car prices. The impact it has for our repair customers is that as total loss, it really starts -- even at these high levels, it increases the amount of repair. But for the CCC business model, it has 0 implications whatsoever one way or the other.

所以我們看到了一個顯著的顛簸。我們最近看到的情況是，從 10 月、9 月到 10 月底，總損失百分比從 20% 的範圍下降到接近 18%。而這與二手車價格走軟直接相關。它對我們的維修客戶的影響是，作為總損失，它真的開始了——即使在這些高水平上，它也會增加維修量。但對於 CCC 業務模型，無論以何種方式，它都具有 0 個影響。

The next question comes from Saket Kalia from Barclays.

下一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Githesh, maybe for you. Great to see the 14 carriers on Estimate-STP. I was wondering -- what do you think is there a catalyst to accelerate that adoption? And from CCC's perspective, do the economic scale as that adoption increase? So maybe you could just talk about that broad brush?

好的。偉大的。 Githesh，也許適合你。很高興在 Estimate-STP 上看到 14 家運營商。我想知道——您認為加速採用的催化劑是什麼？從 CCC 的角度來看，經濟規模是否隨著採用的增加而增加？所以也許你可以談談那個廣泛的刷子？

Sure. So from a -- when you look at it from a customer standpoint, there's a number of factors that people are dealing with. One, vehicle complexity is increasing pretty substantially and with literally hundreds and hundreds of models and variations, what artificial intelligence can do is provide a capability that starts taking the photos, and we collect over 500 million photos a year and to really collect and translate that into how should -- what should be the repair estimate for this vehicle so we produce all the way down to a line level estimate.

當然。所以從一個 - 當你從客戶的角度來看它時，人們正在處理許多因素。第一，車輛的複雜性正在大幅增加，並且有成百上千的模型和變體，人工智能可以做的是提供開始拍照的能力，我們每年收集超過 5 億張照片，並真正收集和翻譯這些照片進入應該如何 - 這輛車的維修估算應該是多少，所以我們一直生產到線級估算。

And as customers have started using it, they're finding substantial use cases in terms of speed, in terms of reducing complexity, in terms of jump-starting estimates for their own staff and sending a person out to go look at a vehicle can cost as much as $200. So these tools are not only having a significant impact on that, but it also dramatically improves the consumer experience after a claim because of the speed of which you can deal with this.

隨著客戶開始使用它，他們在速度、降低複雜性、為自己的員工快速啟動估算以及派人去查看車輛方面發現了大量用例可以節省成本高達 200 美元。因此，這些工具不僅對此產生了重大影響，而且還極大地改善了索賠後的消費者體驗，因為您可以快速處理這一問題。

So that's really what we see. For us, in terms of CCC, as the scale, when we look at the next 24, 36 months, we see Estimate-STP continue to roll out very, very nicely. And as that scale increases and the rollout increases, revenue, and there is a revenue increases commensurate with those rollouts as that take place.

這就是我們所看到的。對我們來說，就 CCC 而言，當我們展望未來 24、36 個月時，我們會看到 Estimate-STP 繼續非常非常好地推出。隨著規模的增加和推出的增加，收入和收入的增加與這些推出的發生相稱。

And again, even though as I mentioned in my call, that from January to September, we've seen a multiple increase in the number of Estimate-STP claims. On an overall basis for this year, it's still a very small number. So we are excited about what it can do for our clients, and we also believe very strongly this will be a revenue driver for us.

再一次，儘管正如我在電話中提到的那樣，從 1 月到 9 月，我們已經看到 Estimate-STP 索賠數量成倍增加。從今年的整體來看，仍然是一個非常小的數字。因此，我們對它能為我們的客戶做些什麼感到興奮，我們也堅信這將成為我們的收入驅動力。

Got it. Got it. Very clear. Brian, maybe for my follow-up for you. Great to see the software NDR continue sort of at that 110% range. Particularly given the tough compare from the big renewals last year, can you just kind of dig into what drove that? And I know we don't guide to the software NDR, but how do you sort of think about that ebbing and flowing in sort of the coming quarters?

知道了。知道了。非常清楚。布賴恩，也許是為了我跟進你。很高興看到軟件 NDR 繼續保持在 110% 的範圍內。特別是考慮到與去年重大續約的艱難比較，你能深入了解是什麼推動了這一點嗎？而且我知道我們不指導軟件 NDR，但您如何看待未來幾個季度的潮起潮落？

Yes, absolutely. Yes. So we feel good about the 110% that we posted in the quarter. When you look at that versus historical levels, historical levels have been more of 106%, 107%. So feeling good on the trend and the traction. The 3 things I would highlight that really underpin that metric. One, we do see continued strong growth contribution from our digital solutions mobile, AI, Engage, some of the digital tax and fee solutions for total losses.

是的，一點沒錯。是的。因此，我們對本季度發布的 110% 感到滿意。當您將其與歷史水平進行比較時，歷史水平超過 106%、107%。所以對趨勢和牽引力感覺很好。我要強調的三件事確實支撐了該指標。第一，我們確實看到我們的數字解決方案移動、AI、Engage 以及一些數字稅費解決方案對總虧損的持續強勁增長貢獻。

So that's certainly playing through the number. We also see continued strength in our upsell at the repair facilities. And that is trending higher than our historical levels. And then the third piece is the large expansion renewals is still in the metric, although it's tapering off for Q3, but that also was part of -- that will go away in Q4.

所以這肯定是通過數字來發揮作用的。我們還看到我們在維修設施的追加銷售持續走強。這趨勢高於我們的歷史水平。然後第三部分是大型擴展續訂仍在衡量標準中，雖然它在第三季度逐漸減少，但這也是其中的一部分 - 這將在第四季度消失。

But as you think about the go-forward position, the guidance I would give you is about -- over time, we'll see about 80% of our growth coming from our existing installed base. And so you think about that over the long-term, that will flex a bit quarter-to-quarter, but that should give you a view of how to think about NDR in the overall growth equation.

但是當你考慮前進的位置時，我會給你的指導是——隨著時間的推移，我們將看到大約 80% 的增長來自我們現有的安裝基礎。因此，從長遠來看，您會考慮到這一點，每個季度都會有所變化，但這應該讓您了解如何在整體增長方程式中考慮 NDR。

The next question comes from Kirk Materne of Evercore ISI.

下一個問題來自 Evercore ISI 的 Kirk Materne。

Githesh, maybe following up a little bit on Saket's question. When we think about adoption of STP by your customers, how much of it is sort of a business process challenge for them to start integrating it into their sort of existing business processes? And is this something that has to happen from their perspective on a state-by-state basis?

Githesh，也許會稍微跟進一下 Saket 的問題。當我們考慮您的客戶採用 STP 時，他們開始將 STP 集成到他們現有的業務流程中有多少是業務流程挑戰？從他們的角度來看，這是否必須在逐個州的基礎上發生？

Or once they sort of do a proof of concept, the adoption can take place at a rate maybe not as linear. I'm just trying to get a sense on how you all see sort of the adoption? Is it a nice steady sort of push higher? Or are there opportunities for it to kind of go a little bit more exponential?

或者，一旦他們進行了概念驗證，採用的速度可能不是線性的。我只是想了解一下你們對收養的看法？這是一種很好的穩定推高嗎？還是有機會讓它變得更加指數化？

Yes. So first of all, there is 0 need to actually go state-by-state. It is more in terms of tuning. There are literally hundreds and hundreds of parameters from an AI standpoint that have to be tuned. And every carrier has unique needs in terms of how we would like to do the tuning and we work with them on the unique tuning.

是的。所以首先，實際上沒有必要逐個州進行。更多的是在調整方面。從 AI 的角度來看，實際上有成百上千個參數需要調整。每個運營商在我們希望如何進行調整方面都有獨特的需求，我們與他們合作進行獨特的調整。

So once you plug it in, we can literally roll this out across our entire platform across all our geographies. So it's not a technology issue. It is not a training issue so it's relatively quick. And because our customers are deeply integrated into the CCC platform with their systems and our systems. When we rolled out mobile several years ago, almost all our customers are using our mobile capabilities.

所以一旦你插入它，我們就可以在我們所有地區的整個平台上推廣它。所以這不是技術問題。這不是培訓問題，因此相對較快。並且因為我們的客戶將他們的系統和我們的系統深度集成到 CCC 平台中。幾年前我們推出移動服務時，幾乎所有客戶都在使用我們的移動功能。

In fact, the adoption of mobile in the industry has literally gone from 0 to 30% of all mobile claims are coming into the mobile channel. That means that consumers sent a link, consumer takes pictures, then the AI starts to work. So we are already -- so that part of the funnel is already built for consumers. And so the entire workflow, the process is already in place. And what this does is there are some adjustments to the operating process, and it's more of people getting comfortable with it.

事實上，移動在行業中的採用率實際上已經從 0% 上升到 30% 的所有移動聲明都進入了移動渠道。這意味著消費者發送一個鏈接，消費者拍照，然後人工智能開始工作。所以我們已經 - 所以漏斗的一部分已經為消費者構建了。所以整個工作流程，流程已經到位。而這樣做的目的是對操作流程進行一些調整，更多的人會適應它。

That's why we're so excited to see that we had 11 customers. Last quarter, we've added 3 more customers. And does that help, Kirk?

這就是為什麼我們很高興看到我們有 11 位客戶。上個季度，我們又增加了 3 個客戶。這有幫助嗎，柯克？

Yes, that's very helpful. Yes, I was just trying to get a sense on whether there are sort of gating factors for adoption (inaudible). Brian, just on the big renewal this quarter, it's great, obviously, to see your customers so committed to CCC in terms of 7 years. Can you just remind us, are there any sort of pricing escalators built into contracts, maybe not this contract specifically, but in general, as inflation goes up? Or is it basically just still volume-based? I was just trying to get a sense of if there's any sort of pricing uplift over a period of a contract like that.

是的，這很有幫助。是的，我只是想了解是否存在採用的門控因素（聽不清）。布賴恩，就本季度的重大更新而言，很明顯，很高興看到您的客戶在 7 年內如此致力於 CCC。您能否提醒我們，合同中是否內置了任何類型的定價自動扶梯，也許不是專門針對該合同，但總的來說，隨著通貨膨脹率上升？或者它基本上仍然是基於體積的？我只是想了解在這樣的合同期限內是否有任何價格上漲。

Yes. So it's a good question. I mean we are always looking at our strategic pricing and tuning. So like many SaaS providers, we'll look at the packaging. We'll look at the value we're driving for our clients, and we'll look to then make sure we're getting appropriate value back to us for bringing that solution to our clients. And so I'd say there's nothing new that we're doing on the back of inflationary challenges. We're continuing to just look at our pricing in a strategic way as we have historically. So that's the way I would leave it.

是的。所以這是個好問題。我的意思是我們一直在關注我們的戰略定價和調整。因此，與許多 SaaS 提供商一樣，我們將查看包裝。我們將審視我們為客戶帶來的價值，然後我們將著眼於確保我們為我們的客戶帶來該解決方案而獲得適當的價值。所以我想說，在通脹挑戰的背景下，我們沒有做任何新鮮事。我們將繼續像以往一樣以戰略方式審視我們的定價。所以這就是我離開它的方式。

The next question comes from Tyler Radke of Citi.

下一個問題來自花旗銀行的 Tyler Radke。

I wanted to follow up on the questions around the large renewal. Can you just remind us, are typically these large renewals within insurance carriers, a catalyst for them to take on more products? Or do the expansions kind of happen independently? And then just as you look out over the next 12 months, how does that renewal pipeline look relative to 2022? Are you expecting things to step up just based on the timing of some of your contracts?

我想跟進有關大型更新的問題。您能否提醒我們，通常保險公司內部的這些大規模續約是否會促使他們接受更多產品？還是擴張是獨立發生的？然後，就像您展望未來 12 個月一樣，與 2022 年相比，該更新管道看起來如何？您是否期望事情會根據您的某些合同的時間安排而有所進展？

Brian, if you'll take the second part, I'll take the first one. So when you look at -- so first and foremost, whether people add additional components of our solutions or not, is really independent of whether we are renewing the contract or not. So because the platform is already in place as we bring new solutions on board, as an example, the 14 clients were Estimate-STP that can -- those solutions can be added to any -- regardless of what the contract comes on.

布賴恩，如果你選第二部分，我選第一部分。因此，當您查看 - 首先，人們是否添加我們解決方案的其他組件，實際上與我們是否續簽合同無關。因此，因為當我們引入新的解決方案時該平台已經到位，例如，14 個客戶是 Estimate-STP，可以 - 這些解決方案可以添加到任何 - 無論合同是什麼。

Now interestingly enough, when people do renew and when those things do take place, there's an opportunity for both the customer and for us, as we look at the next several years in terms of adding additional functionality. So I would not say that there is anything unusual about contract extensions, having a link to rolling out additional solutions we have. And Brian, do you want to take the other part?

現在有趣的是，當人們確實續訂並且這些事情確實發生時，客戶和我們都有機會，因為我們會在未來幾年增加額外的功能。所以我不會說合同延期有什麼不尋常之處，有一個鏈接可以推出我們擁有的其他解決方案。布賴恩，你想接手另一部分嗎？

Yes. No, I would just reiterate the same point. I mean, we look at our opportunities in different ways. I mean some will be -- a renewal will be a catalyst to expand the broader bundle. We'll sell into that broader bundle and do a renewal. As Githesh said, sometimes we will just add a product schedule within an existing contract, and there won't be a renewal. Others -- these product extensions will be a driver to extend and drive a renewal. So they kind of work in all different ways.

是的。不，我只是重申同樣的觀點。我的意思是，我們以不同的方式看待我們的機會。我的意思是有些人會 - 更新將成為擴大更廣泛捆綁的催化劑。我們將銷售更廣泛的捆綁產品並進行更新。正如 Githesh 所說，有時我們只會在現有合同中添加產品時間表，而不會續簽。其他——這些產品擴展將成為擴展和推動更新的驅動力。所以他們以各種不同的方式工作。

When we look at our pipeline, we feel really good about the opportunities we have in front of us, both with adding new product capabilities and renewing key deals as we go into next year. So we feel really good about where we sit with our clients and the renewal cadence and the cross-sell, upsell opportunities.

當我們審視我們的渠道時，我們對擺在我們面前的機會感覺非常好，包括在我們進入明年時增加新產品功能和更新關鍵交易。因此，我們對與客戶坐在一起的位置以及更新節奏和交叉銷售、追加銷售機會感到非常滿意。

And remember, many of our customers have worked with us for several decades.

請記住，我們的許多客戶已經與我們合作了幾十年。

Yes. No, definitely aware that I can see that with the high retention and the strong relationships over time. Brian, maybe for you for the second question. How are you just thinking about the hiring environment here? I think CCC has had typically less churn certainly at the senior level from an attrition perspective, employee attrition relative to the peers? Have you noticed any changes for better or for worse in the hiring environment? And just how are you thinking about kind of the expense growth and headcount growth into next year?

是的。不，我清楚地意識到隨著時間的推移，高保留率和牢固的關係讓我看到了這一點。布賴恩，第二個問題也許適合你。您如何看待這裡的招聘環境？我認為 CCC 在高層人員流失方面通常較少，從人員流失的角度來看，相對於同行的員工流失率？您是否注意到招聘環境有任何好轉或壞轉？您如何看待明年的費用增長和員工人數增長？

Yes. Yes. So I would -- maybe I'll start with the second, and we'll come back to the hiring part, and I'll let Githesh add as well. I mean we remain extremely focused on balancing both our investment and funding our strategic innovation to really underpin our strategic agenda. And so we remain very focused on that at the same time, focused on margin progression.

是的。是的。所以我會——也許我會從第二個開始，我們會回到招聘部分，我也會讓 Githesh 補充。我的意思是，我們仍然非常專注於平衡我們的投資和資助我們的戰略創新，以真正鞏固我們的戰略議程。因此，我們同時仍然非常關注這一點，關注利潤率的增長。

So because we're fortunate to have a very efficient business model, we can do both. We can put the funding that we need to drive the strategic initiatives and also see the margin progress over time. And we saw that this year as we moved from 38% margin to 39% margins, and we see that going forward. I also highlighted in our prepared remarks that we are seeing good progress in hiring. We added about 20% of capacity in our staff months on a year-to-date basis. So that's starting to show we are adding the necessary capacity to fund the innovation.

因此，因為我們很幸運擁有一個非常有效的商業模式，所以我們可以做到這兩點。我們可以投入所需的資金來推動戰略舉措，並隨著時間的推移看到利潤率的提高。今年我們看到了這一點，因為我們的利潤率從 38% 上升到 39%，我們看到了這一點。我還在準備好的發言中強調，我們在招聘方面取得了良好進展。年初至今，我們在員工月中增加了約 20% 的產能。所以這開始表明我們正在增加必要的能力來資助創新。

We are not seeing anything dynamic or dramatic from changing in hiring. We are able to continue to make the key hires that we need. We're also seeing good low churn and attrition in our teams and managing high retention. So overall, we feel good where we are. We feel good as we go into next year and having both the capacity and the skill set that we need to set us up for the long-term. I don't know Githesh anything to add.

我們沒有看到招聘方面的變化有任何動態或戲劇性。我們能夠繼續招聘到我們需要的關鍵人才。我們還看到我們團隊的低流失率和流失率以及高留存率。所以總的來說，我們感覺很好。進入明年，我們感覺很好，我們擁有長期發展所需的能力和技能。我不知道 Githesh 有什麼要補充的。

I'd just add that, look, historically, we've had very low churn, and that continues. But most important, I would say 2 specific areas that the vast majority of the 20% capacity increase is really coming to 2 areas. First and foremost, in engineering, where we have full stack developers, where we have AI capabilities. We're continuing to add top talent into engineering as we roll these products out as well as product management.

我只想補充一點，從歷史上看，我們的客戶流失率非常低，而且這種情況還在繼續。但最重要的是，我會說 2 個特定領域，即 20% 的容量增長中的絕大部分實際上是在 2 個領域。首先，在工程領域，我們擁有全棧開發人員，我們擁有 AI 功能。隨著我們推出這些產品以及產品管理，我們將繼續在工程領域增加頂尖人才。

So I would say that's the vast majority of our recruiting, and we're able to recruit across geographies. And if anything, that becomes a little easier in the last few months.

所以我想說這是我們招聘的絕大部分，我們能夠跨地域招聘。如果說有什麼不同的話，那就是在過去的幾個月裡，這變得容易了一些。

The next question comes from Gary Prestopino of Barrington Research.

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

Githesh, I just want to -- wanted to ask this, with this STP Estimate-STP that you have out there, as insurers sign up for this, are there adjacent products that you are offering that are really must have to work with Estimate-STP, maybe on the repair side, maybe on the insurance side, wherever. So it just adds to the potential growth that you foresee from this product?

Githesh，我只是想問這個問題，有了這個 STP Estimate-STP，當保險公司註冊了這個，你提供的相鄰產品是否真的必須與 Estimate 一起工作- STP，可能在維修方面，可能在保險方面，無論在哪裡。所以它只是增加了你從這個產品中預見到的潛在增長？

Gary, the answer is yes. In fact, the Estimate-STP is really important to establish when we look at the broader concept of STP or straight-through processing. So that has implications on many, many facets of the claims process where we can apply artificial intelligence and other capabilities since we're already deep in the workflows with customers. So we are working with repair facilities of various -- of various types of repair facilities so that from engaging all the way from the consumer, we're adding components to our Engage product that's in the repair facilities.

加里，答案是肯定的。事實上，當我們查看更廣泛的 STP 或直通式處理概念時，建立 Estimate-STP 非常重要。因此，這對索賠流程的許多方面都有影響，因為我們已經深入了解客戶的工作流程，我們可以在這些方面應用人工智能和其他功能。因此，我們正在與各種維修設施合作 - 各種類型的維修設施，以便從消費者那裡一直參與，我們正在將組件添加到維修設施中的 Engage 產品中。

So we see work going on over there. We have work going on in everything ranging from subrogation where we had done acquisitions. So that's another example of an adjacency. We've got work going on in at first notice of loss, but you're exactly right that as people try, test, use and see a significant impact, this is why we remain so excited about the broader straight-through processing opportunity across our entire customer base.

所以我們看到那邊正在進行工作。從我們完成收購的代位權，我們在所有方面都在努力。這是鄰接的另一個例子。我們已經在第一次通知丟失時繼續工作，但你是完全正確的，因為人們嘗試、測試、使用並看到重大影響，這就是為什麼我們對更廣泛的直通式處理機會感到如此興奮我們的整個客戶群。

Great. That's good to hear. And then just a quick 1 for Brian. With the nonrecurring deal that you had last year in Q4, you said it was a 2% contribution of revenue. I kind of looked at that, so that's about $4 million of revenue. Is that correct? And would most of that have flown directly down to EBITDA?

偉大的。聽起來還不錯。然後是 Brian 的快速 1。對於去年第四季度的非經常性交易，你說這是收入的 2%。我有點看了看，所以這大約是 400 萬美元的收入。那是對的嗎？其中大部分會直接流向 EBITDA 嗎？

Yes. That's right, Gary. So last year, we had 2 points of nonrecurring impact in Q4, and we called it out at the time. So -- and that did flow all the way through. And you've seen it flow through in our gross profit. So gross profit in Q4 of last year was slightly elevated at 79%. And -- and that was part of the flow-through. But yes, you're looking at that correctly.

是的。沒錯，加里。所以去年，我們在第四季度有 2 點的非經常性影響，我們當時就指出了這一點。所以——這確實貫穿始終。你已經看到它在我們的毛利潤中流過。因此，去年第四季度的毛利略有上升，達到 79%。而且 - 這是流程的一部分。但是，是的，你看對了。

The next question comes from Arvind Ramnani with Piper Sandler.

下一個問題來自 Arvind Ramnani 和 Piper Sandler。

I wanted to ask you about a little bit. It's a (inaudible) company, where they've had a shorter view on CCC, but you have been around during some of the kind of periods of tough macro. So if you -- I know this -- these macro headwinds are different than prior, but just in the macro environment, can you maybe walk us through some of the puts and takes on your business? And assuming the macro remains tough, in '23. What are some of the things you anticipate from a business impact?

我想問你一些事情。這是一家（聽不清）公司，他們對 CCC 的看法較短，但你在某些艱難的宏觀時期一直存在。所以，如果你——我知道這一點——這些宏觀逆風與之前不同，但就宏觀環境而言，你能否帶我們了解一些看跌期權並承擔你的業務？並假設宏觀經濟在 23 年仍然艱難。您預計業務影響有哪些？

Arvind, you broke up a little bit, but I think I can give you a couple of thoughts on the macro environment. And so first and foremost, you're dead right. We have been through several decades of various environments. For example, during the dot-com crash of 2000, we invested heavily to build and roll out our web-based solutions for the insurance market. And then during the 2008, 2009 financial crisis, we actually invested heavily in building out the CCC ONE platform that generates almost half of our revenues today. And then what we saw in 2020 with -- really with COVID is our customers need a dramatically different ways of connecting to the consumers, which really led to the adoption and investment in mobile and AI and other capabilities.

Arvind，你分手了一點，但我想我可以給你一些關於宏觀環境的想法。所以首先，你是對的。我們經歷了幾十年的各種環境。例如，在 2000 年互聯網泡沫破滅期間，我們投入巨資為保險市場構建和推出基於網絡的解決方案。然後在 2008 年、2009 年的金融危機期間，我們實際上投入了大量資金來構建 CCC ONE 平台，該平台產生了我們今天近一半的收入。然後我們在 2020 年看到的——真的是 COVID 是我們的客戶需要一種截然不同的方式來連接消費者，這確實導致了對移動和人工智能以及其他功能的採用和投資。

So we have a history of actually understanding and dealing with all of these environments. And this is why we continue to maintain our close working relationships with customers that gives us an advanced view of the challenges that they have and we continue to build solutions. And having a very efficient financial model allows us to weather through this, but with all that said, we continue to monitor the environment pretty closely. And that's really -- so we've learned a lot from the history of how we've operated through various cycles. And we keep all those lessons learned very close to heart.

所以我們有實際理解和處理所有這些環境的歷史。這就是為什麼我們繼續與客戶保持密切的工作關係，這使我們能夠更深入地了解他們所面臨的挑戰，並繼續構建解決方案。擁有一個非常有效的財務模型使我們能夠度過難關，但話雖如此，我們將繼續密切關注環境。那是真的——所以我們從我們如何通過各種週期運作的歷史中學到了很多東西。我們將所有這些經驗教訓牢記在心。

Perfect. And yes, I appreciate the perspective. But if I can ask for a follow-up, like how does the macro impact your business, right? Like in sense like if you end up in a recessionary environment, does that benefit you or in what ways does it benefit you? And what ways does it -- like persistent macro headwind to your core business?

完美的。是的，我很欣賞這種觀點。但如果我可以要求跟進，比如宏觀對你的業務有何影響，對嗎？從某種意義上說，如果你最終陷入衰退環境，這對你有好處嗎？或者它以什麼方式對你有好處？它有什麼方式 - 比如對您的核心業務的持續宏觀逆風？

Yes. When you look deep down -- when you look at our clients' businesses, the fundamental nature of what we do is mission-critical. And when you look at our customers' business, auto insurance is a mandatory product. People -- that is really the route and the fundamental thing that is -- that you have to look at. So people continue to drive, auto insurance is mandatory. While prices go up, accidents continue to be -- so the claim volume continues to be -- continues to go up gradually from pre-COVID levels.

是的。當你深入觀察——當你審視我們客戶的業務時，我們所做工作的基本性質是關鍵任務。當您查看我們客戶的業務時，汽車保險是強制性產品。人 - 這確實是你必須關注的路線和基本事物。所以人們繼續開車，汽車保險是強制性的。在價格上漲的同時，事故繼續——因此索賠量繼續——繼續從 COVID 之前的水平逐漸上升。

So I'm not sure that there's a much deeper answer but the fact that our business is rooted in an industry and an environment, which is not discretionary.

所以我不確定是否有更深層次的答案，但事實上我們的業務植根於一個行業和環境，這不是隨意的。

Yes. Maybe just 1 other thing to add. It's Brian. You also look at our revenue model. It is very resilient. It's very predictable. We have the vast majority is subscription based, and it's reoccurring. And so you have to think about that as well when you think about kind of the macro environment.

是的。也許只需要補充一件事。是布萊恩。您還可以查看我們的收入模型。它非常有彈性。這是非常可預測的。我們有絕大多數是基於訂閱的，而且它會反復出現。因此，當您考慮某種宏觀環境時，您也必須考慮到這一點。

(Operator Instructions) The next question comes from Michael Funk from Bank of America.

（操作員說明）下一個問題來自美國銀行的 Michael Funk。

Think about economic sensitivity. I understand the resiliency of the business model. But are you seeing any elongation of the sales cycle or a change in purchasing behavior amongst your customers?

考慮經濟敏感性。我了解商業模式的彈性。但是您是否看到銷售週期延長或客戶購買行為發生變化？

Nothing material that we're seeing.

我們沒有看到任何材料。

Okay. And then maybe just 1 more, if I could. Just thinking about NDR, longer-term, your longer-term target there. How much of that will be driven by existing solution penetration versus developing new solutions to sell into the base?

好的。如果可以的話，也許還有 1 個。只是考慮 NDR，長期的，你在那裡的長期目標。其中有多少將由現有解決方案滲透驅動，而不是開發新的解決方案以銷售到基地？

Yes. Mike, it's Brian. I'll take that. So yes, so we've laid out the long-term model, we've highlighted as we go forward about 80% of our growth will come from our installed base to cross-sell, upsell, 20% from new logos. Within that 80%, we've highlighted that about 50% of it. So half of that will come from the more established solutions. And the other half will come from these newer initiatives that we've been talking about. So it's the Diagnostics, the STP, the Estimate-STP. So about half of it will come from these newer digital solutions.

是的。邁克，是布萊恩。我會接受的。所以是的，所以我們已經制定了長期模型，我們已經強調，在我們前進的過程中，我們約 80% 的增長將來自我們的安裝基礎，以交叉銷售、追加銷售，20% 來自新標識。在這 80% 中，我們強調了大約 50%。因此，其中一半將來自更成熟的解決方案。另一半將來自我們一直在談論的這些新舉措。所以它是診斷、STP、估計-STP。因此，其中大約一半將來自這些較新的數字解決方案。

There are no more questions from the phone line. This concludes the question-and-answer session. I would like to turn the conference back over to Githesh Ramamurthy for any closing remarks.

電話線上沒有更多問題。問答環節到此結束。我想將會議轉回給 Githesh Ramamurthy 作任何閉幕詞。

Well, thanks, everybody, for joining us today. We are proud of our performance to date in 2022 for which I'd like to thank our customers, our CCC team members and, of course, our shareholders. We remain confident in our ability to continue to deliver on our strategic and financial objectives. And the durability of our business model continues to come through as we deliver innovation and operational efficiency for our customers. And we look forward to talking with you on our fourth quarter call in early March, if not sooner. And again, thank you very much for your continued interest. And on behalf of all my colleagues, thank you and a big shout out to all our CCC team members who makes CCC a great place every single day for our customers and for ourselves. Thank you.

好吧，謝謝大家今天加入我們。我們為 2022 年迄今為止的表現感到自豪，為此我要感謝我們的客戶、我們的 CCC 團隊成員，當然還有我們的股東。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，我們的商業模式的持久性不斷顯現。我們期待在 3 月初（甚至更早）的第四季度電話會議上與您交談。再次感謝您一直以來的關注。並代表我所有的同事，感謝你們，並向我們所有的 CCC 團隊成員大聲喊叫，是你們讓 CCC 成為我們客戶和我們自己每一天的好地方。謝謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。