CCC Intelligent Solutions Holdings Inc (CCC) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CCC Intelligent Solutions First Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's [conference] is being recorded.

美好的一天，謝謝你的支持。歡迎來到 CCC 智能解決方案 2023 年第一季度收益電話會議。 （操作員說明）請注意，今天的 [會議] 正在錄製中。

I would like to hand the conference over to your speaker today, Bill Warmington, Vice President of Investor Relations. Please go ahead.

今天我想將會議交給您的發言人，投資者關係副總裁 Bill Warmington。請繼續。

Good afternoon, and thank you for joining us today to review CCC's first quarter 2023 financial results, which we announced in the press release issued following 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 的 2023 年第一季度財務業績，這是我們在今天收盤後發布的新聞稿中公佈的。 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 2022 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 2022 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 the United States copyright and other laws. Additionally, while we've approved the publishing of the 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，禁止以營利為目的或以其他方式錄製、轉發或複製或以其他方式使用它們，並且侵犯了美國版權和其他法律。此外，雖然我們已批准第三方發布此通話的文字記錄，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, the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the company's financial condition and the results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website.

請注意，今天電話會議的討論包括美國證券交易委員會定義的某些非 GAAP 財務指標。公司認為，這些非 GAAP 財務指標為管理層和投資者提供了有關與公司財務狀況和經營業績相關的某些財務和業務趨勢的有用信息。我們的投資者關係網站上的收益發布中提供了 GAAP 與非 GAAP 措施的對賬。

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

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 results, reflecting the predictability and profitability of our business. The first quarter of 2023, CCC's total revenue was $205 million, up 10% year-over-year and ahead of our guidance range. Adjusted EBITDA was $79.5 million, also ahead of our guidance range. And our adjusted EBITDA margin was 39%.

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結果，反映了我們業務的可預測性和盈利能力。 2023 年第一季度，CCC 的總收入為 2.05 億美元，同比增長 10%，超出我們的指導範圍。調整後的 EBITDA 為 7950 萬美元，也高於我們的指導範圍。我們調整後的 EBITDA 利潤率為 39%。

On today's call, I'd like to highlight 3 themes that underpin our performance. The first is CCC's durable business model. The second is innovation. And third is a growing adoption of CCC solutions. First, our durable business model. Our clients in the P&C insurance economy are increasingly focused on the need to manage the business through 2 powerful megatrends: accelerating operational complexity and rising consumer expectations. Last year, auto insurers in the United States paid out over $200 billion in claims indemnity and spent about $25 billion on administrative expenses to handle those claims known as loss adjustment expense or LAE. Increasing operational complexity and consumer expectations are raising those costs even further.

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 經久不衰的商業模式。二是創新。第三是越來越多地採用 CCC 解決方案。首先，我們持久的商業模式。我們在 P&C 保險經濟中的客戶越來越關注通過 2 個強大的大趨勢來管理業務的需求：加速運營複雜性和不斷提高的消費者期望。去年，美國的汽車保險公司支付了超過 2000 億美元的索賠賠償金，並花費了大約 250 億美元的管理費用來處理這些被稱為損失調整費用或 LAE 的索賠。日益增加的運營複雜性和消費者期望進一步提高了這些成本。

At CCC, we are focused on developing tools to help our clients increase efficiency and customer satisfaction while simultaneously overcoming headwinds from labor shortages, inflation, supply chain issues and regulatory changes. We do this through innovation, specifically by developing new solutions that leverage our industry-leading focus on AI and our interconnected industry network. One of the main drivers of increasing operational complexity is a growing sophistication of vehicles themselves, whether that is the sheer number of parts on the cars, the introduction of advanced driver assistance systems known as ADAS or the expansion of electric vehicles or EVs.

在 CCC，我們專注於開發工具來幫助我們的客戶提高效率和客戶滿意度，同時克服勞動力短缺、通貨膨脹、供應鏈問題和監管變化帶來的不利因素。我們通過創新來做到這一點，特別是通過開發新的解決方案，利用我們對人工智能的行業領先關注和我們相互關聯的行業網絡。操作複雜性增加的主要原因之一是車輛本身的複雜性不斷提高，無論是汽車上的零部件數量、被稱為 ADAS 的高級駕駛員輔助系統的引入，還是電動汽車或 EV 的擴展。

Increasing vehicle complexity has been and continues to be a major factor in rising loss costs. ADAS modules range from automatic braking to lane departure warnings and leverage a wide array of sensors and cameras. Repairing these systems typically requires more parts and more labor hours per repair as well as diagnostic and calibration services, contributing to an increase in the average total cost of repair from $2,900 in 2017 to $4,200 in 2022 or 44% growth during this period.

車輛複雜性的增加一直並將繼續成為損失成本上升的主要因素。 ADAS 模塊的範圍從自動制動到車道偏離警告，並利用各種傳感器和攝像頭。維修這些系統通常需要更多零件，每次維修以及診斷和校準服務需要更多工時，導致平均總維修成本從 2017 年的 2,900 美元增加到 2022 年的 4,200 美元，或在此期間增長 44%。

As vehicles become even more intricate, we anticipate the P&C insurance economy needing increasingly sophisticated tools to manage this change. While EVs are still a very small percentage of cars on the road, less than 1% of vehicles in operation, they are becoming increasingly popular with U.S. consumers. In 2017, EVs were less than 1% of new car sales. In 2022, they were almost 6%. Unfortunately, the average total cost of repair for an EV in 2022 is 50% higher than the average for non-EVs. While total EV claims are currently quite small, only about 1% of the claims processed by CCC in 2022, the long-term growth in this number and the increased complexity it causes is something we are helping our customers anticipate and address.

隨著車輛變得更加複雜，我們預計 P&C 保險經濟需要越來越複雜的工具來應對這一變化。雖然電動汽車在道路上行駛的汽車中所佔比例仍然很小，不到運營車輛的 1%，但它們越來越受到美國消費者的歡迎。 2017 年，電動汽車不到新車銷量的 1%。到 2022 年，這一比例接近 6%。不幸的是，2022 年電動汽車的平均總維修成本比非電動汽車的平均維修成本高 50%。雖然目前 EV 索賠總數非常小，但 2022 年 CCC 處理的索賠僅佔 1% 左右，這個數字的長期增長及其導致的複雜性增加是我們正在幫助客戶預期和解決的問題。

Growing complexity is not the only challenge our customers face. Consumers today expect their commercial interactions to be highly digital, simplified, personalized, fast, empathetic and available at all hours. The leading consumer-facing companies that have met those high expectations have essentially set the standard for interactions across our lives. The good news is that CCC's AI technology enables our customers to meet this standard by streamlining and digitizing the P&C claims journey.

日益複雜並不是我們客戶面臨的唯一挑戰。今天的消費者期望他們的商業互動是高度數字化的、簡化的、個性化的、快速的、有同理心的並且隨時可用。滿足這些高期望的領先的面向消費者的公司基本上為我們生活中的互動設定了標準。好消息是，CCC 的 AI 技術通過簡化和數字化 P&C 索賠流程，使我們的客戶能夠滿足這一標準。

According to a CCC survey, 84% of policyholders prefer a digitized claims process. And CCC solutions are a key enabler of that shift. Whether that is enabling the submission of an auto claim via photos on their phone, instantly booking a repair appointment or even resolving an injury claim digitally, our customers are deploying CCC solutions to help them deliver these digital experiences.

根據 CCC 的一項調查，84% 的保單持有人更喜歡數字化理賠流程。而 CCC 解決方案是這一轉變的關鍵推動因素。無論是通過手機上的照片提交汽車索賠、立即預約維修，還是以數字方式解決傷害索賠，我們的客戶都在部署 CCC 解決方案來幫助他們提供這些數字體驗。

This brings me to the second point I'd like to discuss with you today: innovation. CCC's business, which began with a single product, vehicle valuations, sold to 1 customer group, insurers, has grown to a point today where the CCC cloud powers the mission-critical operations of more than 30,000 companies across the P&C insurance economy, including insurers, repair facilities, OEMs, parts suppliers, lenders and more. A fundamental driver of that expansion has been our commitment to innovation. And for the last several years, a major pillar of that innovation has been artificial intelligence.

這就引出了我今天想和大家討論的第二點：創新。 CCC 的業務從單一產品、車輛估價開始，銷售給 1 個客戶群體，即保險公司，如今已發展到 CCC 雲為整個 P&C 保險經濟領域 30,000 多家公司（包括保險公司）的關鍵任務運營提供支持、維修設施、原始設備製造商、零件供應商、貸款人等。這種擴張的根本驅動力是我們對創新的承諾。在過去的幾年裡，人工智能是這一創新的主要支柱。

To date, more than 14 million auto claims have been processed using a CCC deep learning AI solution, generating tangible, real-world impact for our customers and significant direct revenue for CCC. Underpinning these advances are not just cutting-edge technology, but over $1 trillion of historical data as well as deeply embedded workflows that enable our customers to seamlessly deploy these innovations at scale.

迄今為止，已經使用 CCC 深度學習 AI 解決方案處理了超過 1400 萬份汽車索賠，為我們的客戶產生了切實的、真實的影響，並為 CCC 帶來了可觀的直接收入。支撐這些進步的不僅僅是尖端技術，還有超過 1 萬億美元的歷史數據以及深度嵌入的工作流程，使我們的客戶能夠大規模無縫部署這些創新。

One example of our commitment to continuously expanding the scope of our AI-enabled innovations is our acquisition of Safekeep in February last year. Safekeep's technology uses AI and automated workflows to streamline the subrogation process, addressing a key pain point for our insurance customers. Subrogation is the process of insurance companies attempted to recover dollars from other parties who are at [fault] for a claim. It affects tens of billions of dollars in claims, cost insurers over $2 billion in estimated administrative expenses annually and is a highly manual and time-intensive process.

我們致力於不斷擴大人工智能創新範圍的一個例子是我們在去年 2 月收購了 Safekeep。 Safekeep 的技術使用人工智能和自動化工作流程來簡化代位求償過程，解決我們保險客戶的一個關鍵痛點。代位求償是保險公司試圖從對索賠有[過錯]的其他方追回美元的過程。它影響了數百億美元的索賠，每年給保險公司造成超過 20 億美元的估計管理費用，並且是一個高度手動和耗時的過程。

Digitizing subrogation is a natural extension of plans to address the industry's vision of straight-through processing. This, in turn, creates additional network benefits for insurers using CCC and extends the CCC cloud into lines of insurance outside of auto. We have spent the time since the acquisition integrating Safekeep into the CCC cloud, so that CCC's more than 300 insurance customers will have the opportunities to take advantage of this capability with direct tie-ins to the CCC solutions they already have in place.

數字化代位權是解決行業直通式處理願景的計劃的自然延伸。這反過來又為使用 CCC 的保險公司創造了額外的網絡優勢，並將 CCC 雲擴展到汽車以外的保險領域。自收購以來，我們一直在將 Safekeep 集成到 CCC 雲中，因此 CCC 的 300 多家保險客戶將有機會利用這一功能，直接連接到他們已有的 CCC 解決方案。

We have made significant investments to expand Safekeep's product functionality and are very pleased with the level of customer engagement and real-world results delivered by the solution today. We are also continuing to make substantial investments in AI across the entire CCC product line, including new computer vision applications in our casualty business as well as ongoing enhancements to Update Plus, our industry-leading CRM solution for repair facilities that uses semantic AI to help repair facilities, sort and respond to consumer queries throughout the repair process.

我們已投入大量資金來擴展 Safekeep 的產品功能，並且對該解決方案今天提供的客戶參與度和實際結果感到非常滿意。我們還將繼續在整個 CCC 產品線中對 AI 進行大量投資，包括我們傷亡業務中的新計算機視覺應用程序以及對 Update Plus 的持續改進，Update Plus 是我們行業領先的維修設施 CRM 解決方案，使用語義 AI 來幫助維修設施，在整個維修過程中對消費者的查詢進行分類和回應。

In the 12 months ending March 2023, over 80 million messages have been sent by Update Plus by e-mail and text to over 17 million unique consumers, a significant increase from the 45 million messages sent to 10 million consumers in 2018. We remain tremendously excited about the long-term opportunity to digitize the P&C insurance economy by applying industry-leading AI to existing highly embedded workflows across the CCC connected network.

在截至 2023 年 3 月的 12 個月內，Update Plus 通過電子郵件和短信向超過 1700 萬獨立消費者發送了超過 8000 萬條消息，與 2018 年向 1000 萬消費者發送的 4500 萬條消息相比有了顯著增長。通過將行業領先的 AI 應用於 CCC 連接網絡中現有的高度嵌入式工作流程，我們對實現 P&C 保險經濟數字化的長期機會感到興奮。

My third and final point is a growing adoption of CCC solutions. The first solution I will cover is Estimate-STP, our AI-based system that can prepopulate a complete line level repair estimate on a qualified claim in seconds. The total number of claims processed through Estimate-STP continues to grow as we onboard new customers and as existing customers increase their claim volumes by activating more collision categories, geographies and vehicle types. The annualized run rate value of auto claims processed by Estimate-STP in March 2023 was over $1 billion. This is more than 10x our run rate in March of 2022. While this is still less than 1% of our current annual auto physical damage claim volume, the rate at which customers are moving towards Estimate-STP is very encouraging.

我的第三點也是最後一點是越來越多地採用 CCC 解決方案。我將介紹的第一個解決方案是 Estimate-STP，這是我們基於 AI 的系統，可以在幾秒鐘內預填充合格索賠的完整線路級維修估算。隨著我們吸引新客戶以及現有客戶通過激活更多碰撞類別、地區和車輛類型來增加索賠量，通過 Estimate-STP 處理的索賠總數持續增長。 Estimate-STP 在 2023 年 3 月處理的汽車索賠年化運行率價值超過 10 億美元。這是我們 2022 年 3 月運行率的 10 倍多。雖然這仍然不到我們目前年度汽車物理損壞索賠量的 1%，但客戶轉向 Estimate-STP 的速度非常令人鼓舞。

In Diagnostics, we continue to grow both our network and the volume of scanned vehicles being verified on our platform. The first quarter of 2023, about 3,800 repair facilities ran a scan through one of CCC's diagnostic service partners. This was more than twice the number of repair facilities running scans in the first quarter of 2022. In the first quarter of 2023, over 0.5 million scanned vehicles were verified on the CCC network, more than double the volume in the first quarter of 2022. As a reminder, this solution is designed to help improve consistency and transparency of scans and calibrations between repairers and insurers.

在診斷方面，我們繼續擴大我們的網絡和在我們的平台上驗證的掃描車輛的數量。 2023 年第一季度，大約 3,800 家維修設施通過 CCC 的一個診斷服務合作夥伴進行了掃描。這是 2022 年第一季度進行掃描的維修設施數量的兩倍多。2023 年第一季度，CCC 網絡驗證了超過 50 萬輛掃描車輛，是 2022 年第一季度的兩倍多。提醒一下，該解決方案旨在幫助提高維修商和保險公司之間掃描和校準的一致性和透明度。

CCC Engage, our solution which enables consumers to schedule estimate and repair appointments online with participating repair facilities, is currently eliminating 50,000 phone calls from repair facilities every month by facilitating integrated scheduling for insurers direct to consumers who have been in an accident. This process is, in turn, already generating 25,000 leads per month for repair facilities by allowing consumers to request estimates online using photos.

CCC Engage 是我們的解決方案，它使消費者能夠通過參與的維修設施在線安排估算和維修預約，目前通過促進保險公司直接與發生事故的消費者進行綜合調度，每月從維修設施消除 50,000 個電話。反過來，通過允許消費者使用照片在線請求估價，這個過程已經每月為維修設施產生 25,000 個銷售線索。

The online process eliminates the need for the consumer to physically drive to the repair facility to obtain an initial estimate, reduces interruptions for the repair facilities' estimators and helps insurers improve their customers' experience. We continue to see opportunities for product adoption across both our repair facility and insurance customers. We previously highlighted our cross-selling momentum in repair facilities where the number of customers using 4 or more solutions has increased over 20% since 2020. And the average revenue per repair facility has increased 30% during that time.

在線過程消除了消費者親自開車到維修機構以獲得初步估計的需要，減少了維修機構估算人員的中斷，並幫助保險公司改善客戶體驗。我們繼續看到在我們的維修設施和保險客戶中採用產品的機會。我們之前強調了我們在維修設施中的交叉銷售勢頭，自 2020 年以來，使用 4 種或更多解決方案的客戶數量增加了 20% 以上。在此期間，每個維修設施的平均收入增長了 30%。

On the insurance side, a way to think about adoption is to look at CCC's revenue in relation to the aggregate annual amount insurers spend on claim payouts, including indemnity and LAE. Today, CCC's insurance revenue represents a very small percentage of these expenditures, about 0.2% or less than 20 basis points overall. Yet our solutions are helping insurers manage hundreds of billions of dollars of costs. We believe that the continued focus on digitization by carriers and the expanded TAM from emerging solutions provides a path to growing our share of a growing market.

在保險方面，考慮採用的一種方法是查看 CCC 的收入與保險公司在理賠支出（包括賠償和 LAE）上花費的年度總額之間的關係。如今，CCC 的保險收入僅佔這些支出的一小部分，總體約為 0.2% 或不到 20 個基點。然而，我們的解決方案正在幫助保險公司管理數千億美元的成本。我們相信，運營商對數字化的持續關注以及新興解決方案擴大的 TAM 為我們在不斷增長的市場中增加份額提供了一條途徑。

Let me conclude by saying that we are excited about what we have planned for 2023 and remain confident in our ability to continue to deliver on our strategic and financial objectives.

最後，我要說的是，我們對 2023 年的計劃感到興奮，並對我們繼續實現戰略和財務目標的能力充滿信心。

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

我現在將電話轉給布賴恩，他將更詳細地向您介紹我們的結果。

Thanks, Githesh. As Githesh highlighted, we are seeing good traction in the business supported by both innovation and the growing adoption of solutions by our customers. A key component of our durable business is our highly efficient, predictable and scalable financial model that enables us to balance investment in innovation and also drive operational efficiency throughout economic cycles. As we now turn to the numbers, I'd like to review our first quarter 2023 results and then provide guidance for the second quarter and full year 2023.

謝謝，吉塞什。正如 Githesh 所強調的那樣，我們看到在創新和客戶越來越多地採用解決方案的支持下，業務取得了良好的發展勢頭。我們持久業務的一個關鍵組成部分是我們高效、可預測和可擴展的財務模型，它使我們能夠平衡創新投資，並在整個經濟周期中提高運營效率。當我們現在轉向數字時，我想回顧一下我們 2023 年第一季度的業績，然後為第二季度和 2023 年全年提供指導。

Total revenue for the first quarter was $204.9 million, up 10% from prior year period. Approximately 6 points of our revenue growth in Q1 was driven by cross-sell, upsell and adoption of solutions across our installed client base, including the upsell of repair shop packages and the continued adoption of mobile and other digital solutions. Within the 6 points, about 1 point came from casualty volumes. An incremental 4 points of growth came from new logos, mostly repair facilities and parts suppliers. I also want to highlight that we saw more than 1 point of growth in Q1 from our emerging solutions, mainly Diagnostics and Estimate-STP.

第一季度的總收入為 2.049 億美元，比去年同期增長 10%。我們在第一季度的收入增長中約有 6 個百分點是由我們現有客戶群中的交叉銷售、追加銷售和解決方案採用推動的，包括維修店套餐的追加銷售以及移動和其他數字解決方案的持續採用。在這 6 分中，約有 1 分來自傷亡人數。 4 個增量增長點來自新標識，主要是維修設施和零件供應商。我還想強調，我們的新興解決方案（主要是 Diagnostics 和 Estimate-STP）在第一季度實現了超過 1 個點的增長。

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 Q1 2023, GDR was 99%. This is consistent with all of 2022. We believe our strong software GDR reflects the value we provide and the significant benefits that accrue to our customers from participating in the broader CCC network. Software GDR is a core tenet to 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。 2023 年第一季度，GDR 為 99%。這與 2022 年全年一致。我們相信我們強大的軟件 GDR 反映了我們提供的價值以及我們的客戶因參與更廣泛的 CCC 網絡而獲得的顯著利益。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 movement in our auto physical damage client base. In Q1 2023, software NDR was 106%, consistent with Q4 last year.

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。 2023 年第一季度，軟件 NDR 為 106%，與去年第四季度一致。

Now I'll move to the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP, and we provide a reconciliation of GAAP to non-GAAP in our press release. Adjusted gross profit in the quarter was $156.6 million. Adjusted gross profit margin was 76%. This was down from 78% in the first quarter of 2022. The lower adjusted gross profit margin primarily reflects higher depreciation expense from capitalized projects recently released to the market, while the associated revenue from these emerging solutions are still in the early stages of scaling. Overall, we feel good about the operating leverage and the scalability of the business model and our ability to deliver against our long-term adjusted gross profit target of 80%.

現在我將更詳細地轉到損益表。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。本季度調整後的毛利為 1.566 億美元。調整後的毛利率為 76%。這低於 2022 年第一季度的 78%。調整後的毛利率較低主要反映了最近投放市場的資本化項目的折舊費用較高，而這些新興解決方案的相關收入仍處於擴展的早期階段。總體而言，我們對業務模式的經營槓桿和可擴展性以及我們實現 80% 的長期調整後毛利潤目標的能力感到滿意。

In terms of expenses, adjusted operating expense in Q1 2023 was $86.3 million, up 10% year-over-year. Growth in these expenses was largely driven by headcount additions that were onboarded in the second half of last year. Regarding the headcount adds, we are pleased with the progress made to advance both our operational capabilities and capacity for new product development. We feel like we are in a strong position to continue to deliver ongoing innovation into the market and execute against our strategic agenda.

在費用方面，2023 年第一季度調整後的運營費用為 8630 萬美元，同比增長 10%。這些費用的增長主要是由去年下半年新入職的員工人數推動的。關於增加的員工人數，我們對在提升我們的運營能力和新產品開發能力方面取得的進展感到高興。我們覺得我們處於有利地位，可以繼續向市場提供持續創新並執行我們的戰略議程。

Adjusted EBITDA for the quarter was $79.5 million, up 8% year-over-year, and adjusted EBITDA margin was 39%.

本季度調整後的 EBITDA 為 7950 萬美元，同比增長 8%，調整後的 EBITDA 利潤率為 39%。

Now turning to the balance sheet and cash flow. We ended the quarter with $338 million in cash and cash equivalents and $790 million of debt. At the end of the quarter, our net leverage was approximately 1.5x adjusted EBITDA. Free cash flow in the quarter was $18.5 million compared to $32.6 million in the prior year period. Unlevered free cash flow in Q1 was $28 million or about 36% of our adjusted EBITDA. Q1 is seasonally our lowest free cash flow quarter because of the payment of our annual incentives. When you normalize for these payments, Q1 unlevered free cash flow would be in the low to mid-60s range. While our level of free cash flow can vary quarter-to-quarter based on seasonality or phasing or onetime items, it should average out to the low to mid-60s over time.

現在轉向資產負債表和現金流量。我們在本季度結束時擁有 3.38 億美元的現金和現金等價物以及 7.9 億美元的債務。本季度末，我們的淨槓桿約為調整後 EBITDA 的 1.5 倍。本季度的自由現金流為 1850 萬美元，而去年同期為 3260 萬美元。第一季度的無槓桿自由現金流為 2800 萬美元，約占我們調整後 EBITDA 的 36%。由於支付了年度獎勵，第一季度是我們季節性自由現金流量最低的季度。當您對這些付款進行標準化時，Q1 無槓桿自由現金流將處於 60 年代中期的低水平。雖然我們的自由現金流水平可能會因季節性或階段性或一次性項目而有所不同，但隨著時間的推移，它應該平均在 60 年代中期。

I'd like to finish with guidance beginning in the second quarter of 2023. We expect total revenue between $207.5 million to $209.5 million. This represents 8% to 9% year-over-year growth. We expect adjusted EBITDA of $76.5 million to $78.5 million, which represents a 37% adjusted EBITDA margin in Q2. For the full year 2023, we expect revenue of $844 million to $850 million, which represents 8% to 9% year-over-year growth. We expect adjusted EBITDA of $332 million to $338 million, which represents a 40% adjusted EBITDA margin at the midpoint.

我想以 2023 年第二季度開始的指導作為結束。我們預計總收入在 2.075 億美元至 2.095 億美元之間。這意味著同比增長 8% 至 9%。我們預計調整後的 EBITDA 為 7650 萬美元至 7850 萬美元，這意味著第二季度調整後的 EBITDA 利潤率為 37%。對於 2023 年全年，我們預計收入為 8.44 億美元至 8.5 億美元，同比增長 8% 至 9%。我們預計調整後的 EBITDA 為 3.32 億美元至 3.38 億美元，這相當於 40% 的調整後 EBITDA 利潤率中點。

Two points to keep in mind as you think about our second quarter and full year guidance. The first is that we feel good about our ability to deliver our position for the year. While we did see some incremental benefit from higher volumes related to casualty in Q1, we are not factoring this trend to continue through the balance of the year. We have raised the low end of our guidance based on the momentum in the business and the durable revenue model that provides good visibility to our long-term subscription contracts.

當您考慮我們的第二季度和全年指導時，請記住兩點。首先是我們對我們實現今年目標的能力感到滿意。雖然我們確實看到第一季度與傷亡相關的交易量增加帶來了一些增量收益，但我們並未考慮這一趨勢在今年餘下的時間裡持續下去。基於業務發展勢頭和持久的收入模式，我們已經提高了指導的低端，這為我們的長期訂閱合同提供了良好的可見性。

The second point is that we expect adjusted EBITDA margins to step up in H2 from the low point in Q2, which will be impacted by seasonal expenses such as the annual payroll step-up, our annual customer conference and the year-over-year effect the second half of last year headcount adds. Also in Q2, we have approximately $2 million of nonrecurring, dual-running hosting cost related to the migration from private to public cloud. For 2023 overall, we expect adjusted EBIT margins to increase to about 40%, with most of the year-over-year expansion taking place in the second half of the year as we lap last year's headcount ramp and benefit from the continued operating leverage of the business.

第二點是我們預計調整後的 EBITDA 利潤率將從第二季度的低點在下半年上升，這將受到季節性費用的影響，例如年度工資上升、我們的年度客戶會議和同比效應去年下半年員工人數增加。同樣在第二季度，我們有大約 200 萬美元的非經常性雙運行託管成本與從私有云遷移到公共雲相關。就 2023 年整體而言，我們預計調整後的息稅前利潤率將增加至 40% 左右，大部分同比擴張發生在下半年，因為我們超過了去年的員工人數增長，並受益於持續的經營槓桿這生意。

Overall, our guidance reflects our confidence in the underlying strength of the business. The combination of our advanced AI capabilities into our interconnected network puts us in a unique position to help our customers improve the speed of decision-making, the efficiency of their operations and the quality of the overall consumer experience. We believe we have many shots on goal across our solution sets. This includes solutions that we've had in the market for years as well as our new set of emerging solutions that we've recently released to the market.

總體而言，我們的指引反映了我們對業務潛在實力的信心。將我們先進的人工智能功能與我們的互連網絡相結合，使我們處於獨特的位置，可以幫助我們的客戶提高決策速度、運營效率和整體消費者體驗的質量。我們相信我們的解決方案集中有很多機會。這包括我們在市場上已有多年的解決方案以及我們最近向市場發布的一套新的新興解決方案。

The need for digitization across the P&C insurance economy continues to accelerate, and CCC is well positioned to drive durable growth in both revenue and profitability in the near and long term. We are confident in our ability to deliver against our long-term target of 7% to 10% organic revenue growth and adjusted EBITDA margins expanding to the mid-40s. As we continue to execute on our strategic agenda, we believe we will generate significant value for both our customers and for our shareholders.

整個 P&C 保險經濟對數字化的需求持續加速，而 CCC 有能力在近期和長期推動收入和盈利能力的持久增長。我們有信心實現 7% 至 10% 有機收入增長的長期目標，並將調整後的 EBITDA 利潤率擴大至 40 多歲。隨著我們繼續執行我們的戰略議程，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 are now ready to take questions. Thank you.

有了這個，接線員，我們現在準備好提問了。謝謝。

(Operator Instructions) Our first question comes from the line of Michael Funk of Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Michael Funk。

A couple for you, Githesh, if I could. And thank you again for all the commentary about growth and demand for Estimate-STP and then Diagnostics as well and quantifying that for us. Can you help us think though about the quantification, for example, 2x increase in Diagnostic, increased adoption of Estimate-STP, and link that through to modeling for revenue growth? So how we should think about that impacting revenue growth as demand for that accelerates.

如果可以的話，給你一對，Githesh。再次感謝您對 Estimate-STP 的增長和需求的所有評論，然後是 Diagnostics 以及為我們量化的評論。您能否幫助我們考慮量化，例如，診斷增加 2 倍，增加 Estimate-STP 的採用，並將其與收入增長建模聯繫起來？那麼，隨著需求的加速增長，我們應該如何考慮影響收入增長的問題。

And then final piece of a multipart question. We've seen an increase in growth in DWP across insurance in the U.S. after a low point, I think, in '20. How does that potentially impact your revenue or growth trajectory, if at all?

然後是多部分問題的最後一部分。我認為，在經歷了 20 世紀的低點之後，我們已經看到美國保險業 DWP 的增長有所增加。如果有的話，這對您的收入或增長軌蹟有何潛在影響？

Thanks for that question. I'll take the last part of your question first. And I think this is really one of the reasons I've given that small stat at the beginning or somewhere in the middle where we are now roughly, call it, 0.2% of the entire spend, and spend correlates very closely to DWP. And as DWP has continued to increase, our CCC spend as a percentage of revenue has actually gone slightly lower, even though we've added more solutions and everything else.

謝謝你的問題。我先回答你問題的最後一部分。我認為這確實是我在開始或中間某個地方給出那個小統計數據的原因之一，我們現在粗略地稱其為整個支出的 0.2%，並且支出與 DWP 密切相關。隨著 DWP 的持續增加，我們的 CCC 支出佔收入的百分比實際上略有下降，儘管我們添加了更多的解決方案和其他一切。

So we feel very, very good about continuing to deliver more solutions because at the heart of it is really the dollars we're managing compared to, say, the dollars we are managing even 3 years ago that has increased -- that's almost doubled in the last 3, 4 years, partly because of inflation and everything else. Now as you know, our revenue model is subscription -- primarily subscription-based, so it doesn't really vary that much. But the need for solutions to manage more components of claims and other components of insurance increases significantly. So that's on kind of the last piece of your question.

因此，我們對繼續提供更多解決方案感覺非常非常好，因為與 3 年前我們管理的美元相比，它的核心確實是我們管理的美元——這幾乎翻了一番過去 3、4 年，部分原因是通貨膨脹和其他一切。正如你所知，我們的收入模式是訂閱——主要是基於訂閱，所以變化不大。但是，管理索賠的更多組成部分和保險的其他組成部分的解決方案需求顯著增加。這就是你問題的最後一部分。

And then in terms of modeling, I'll turn -- I'll make a couple of comments on Estimate-STP and Diagnostics before I turn it over to Brian on the actual modeling. So if you look at Estimate-STP, the macro thing is that we delivered the solution in November of 2021, and in less than a year's time from March of last year to where we are today, we're at an annualized run rate of $1 billion of estimates and repair going through, still very, very small number relative to CCC overall. That product has -- and Brian will walk you through the modeling. So we feel very good about customers and adoption. And then same thing with Diagnostics. We're continuing to see a very nice uptake. Our Diagnostics solutions provide a lot of clarity, verification, scans upfront in the middle of the process and after.

然後在建模方面，我將轉向 - 在我將其轉交給 Brian 進行實際建模之前，我將對 Estimate-STP 和 Diagnostics 發表一些評論。因此，如果你看一下 Estimate-STP，宏觀的事情是我們在 2021 年 11 月交付了解決方案，從去年 3 月到今天不到一年的時間，我們的年化運行率為10 億美元的估計和維修費用，相對於 CCC 總體而言仍然非常非常小。該產品有——Brian 將帶您完成建模。因此，我們對客戶和採用情況感到非常滿意。然後與診斷相同。我們繼續看到非常好的吸收。我們的診斷解決方案在過程中間和之後提供大量的清晰度、驗證和掃描。

So Brian, I'll turn it over to you, if you want to hit any of the modeling questions for Michael.

所以布賴恩，如果你想為邁克爾解決任何建模問題，我會把它交給你。

Yes, sure. Thanks, Githesh. Michael, so when we talk about the emerging solutions, we kind of look at Diagnostics, Estimate-STP. We put subrogation payment. So those are several of the key solutions that fit into the emerging solutions. The way we've modeled it out is we've said, for our long-term revenue growth, we're going to see about 20% of growth coming from new logos and 80% coming from our existing clients. And then we broke it down further and set out that 80% of growth. Half of it will come from products that we've had in the market for several years, and half of it will come from this new cohort of emerging solutions. So that's the way to think about the long-term guide on the impact of the emerging solutions. I mentioned for Q1, we had over 1 point of growth for the emerging solutions, so you think about kind of that's where we are today as a run rate and moving to the 3 to 4 points of growth based on that long-term guide.

是的，當然。謝謝，吉塞什。邁克爾，所以當我們談論新興解決方案時，我們會看一下診斷、估計-STP。我們放代位付款。因此，這些是適合新興解決方案的幾個關鍵解決方案。我們建模的方式是我們說過，為了我們的長期收入增長，我們將看到大約 20% 的增長來自新徽標，80% 來自我們現有的客戶。然後我們進一步細分並列出了 80% 的增長。其中一半將來自我們已經投放市場多年的產品，另一半將來自這一新興解決方案。因此，這就是考慮有關新興解決方案影響的長期指南的方式。我提到第一季度，新興解決方案的增長超過 1 個點，所以你可以考慮一下我們今天的運行率，並根據長期指導轉向 3 到 4 個增長點。

Our next question comes from the line of Saket Kalia of Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Githesh, maybe just to start with you, I wonder if we could just double-click a little bit on the casualty business. It was mentioned a little bit more in the script. I was just wondering, can we just maybe take a stab at roughly how big that is as a percentage of revenue? And more importantly, how do you sort of think about the drivers of growth there over the next couple of years?

好的。偉大的。 Githesh，也許只是從你開始，我想知道我們是否可以雙擊傷亡業務。劇本中提到了更多。我只是想知道，我們能否大致了解一下這佔收入的百分比？更重要的是，您如何看待未來幾年的增長動力？

Sure, Saket. I'll give you kind of some overall thoughts. So when you look at casualty after -- every auto -- out of every 5 auto claims, roughly 1 auto claim results in a casualty exposure, a medical claim associated with it, so 1 in 5. Yet the dollar spend on physical damage, which means either repairing a vehicle, totaling a vehicle, [all that X] and then the cost of the medical claim is roughly in line with what is spent on auto physical damage.

當然，Saket。我會給你一些整體的想法。因此，當您在每 5 起汽車索賠中查看每輛汽車之後的傷亡時，大約有 1 起汽車索賠導致傷亡風險，與之相關的醫療索賠，因此五分之一。然而，美元花費在人身傷害上，這意味著要么修理車輛，總計車輛，[所有 X] 然後醫療索賠的費用大致與汽車物理損壞的費用一致。

So dollar for dollar, it is approaching very similar kind of overall numbers. So it's sizable numbers. So when you look at our -- why we are in this business and why it makes a lot of sense for us is that the upfront part of an auto claim right when an accident happens, there's a number of decisions and a number of insights that come out of the physics of the accident, including some of the AI work we've been doing from photos that has a significant bearing downstream in terms of what is paid out for that collision -- for that claim -- for that auto claim. And hence, it lends itself to many of the things you would like to accomplish through straight-through processing, even though casualty claims are 1 in 5.

所以美元兌美元，它正在接近非常相似的總體數字。所以這是一個相當大的數字。所以當你看看我們——為什麼我們從事這個行業以及為什麼它對我們很有意義的是，當事故發生時，汽車索賠的前期部分，有很多決定和很多見解來自事故的物理學，包括我們一直在從照片中進行的一些 AI 工作，這些照片對下游的碰撞有重要影響——對於那次索賠——對於那次汽車索賠。因此，它適用於您希望通過直通式處理完成的許多事情，即使傷亡索賠是五分之一。

Another macro point is that as inflation hits casualty and other things, scientific precision and a more scientific rigor around really how you look at the accident, how you look at the physics of the accident, what you pay, there's a very substantial amount of work that is being done. And when you look at our customer base, roughly 300 insurance carriers in the United States are customers for our auto physical damage product. The number of customers that are our customers in the casualty business is a very small fraction of that. So therefore, we see the ability to continue to expand in casualty.

另一個宏觀觀點是，隨著通貨膨脹影響傷亡和其他事情，科學的精確性和更科學的嚴謹性實際上圍繞著你如何看待事故，你如何看待事故的物理學，你付出了什麼，有大量的工作正在這樣做。當您查看我們的客戶群時，美國大約有 300 家保險公司是我們汽車物理損壞產品的客戶。我們在傷亡業務中的客戶數量只是其中的一小部分。因此，我們看到傷亡人數繼續擴大的能力。

Over the last 3-plus years, we have invested substantially in the platform -- casualty platform itself in terms of its core capabilities, and we're starting to see the benefits from customers.

在過去 3 年多的時間裡，我們在平台上投入了大量資金——就其核心功能而言，傷亡平臺本身，我們開始看到客戶的好處。

Brian, would you want to add anything to that? Or Saket, did that answer your questions?

布萊恩，你想補充什麼嗎？或者 Saket，這是否回答了您的問題？

Yes. I would just add 1 data point. I think Saket asked specifically the size today. It's about 10% of revenue today, Saket. If we have the same market share as our APD business at scale, it could be a $300 million business over time.

是的。我只想添加 1 個數據點。我想 Saket 今天專門問了尺寸。這大約佔今天收入的 10%，Saket。如果我們在規模上擁有與我們的 APD 業務相同的市場份額，那麼隨著時間的推移，這可能是一項價值 3 億美元的業務。

Got it. Got it. That's all very helpful, guys. Brian, maybe for my follow-up, just on a slightly different question. I was wondering if we could just talk about the margin dynamics for the year and particularly Q2. I think you mentioned -- apologies if I missed the exact number, but it sounded like you mentioned some dual costs specifically in Q2. Can you just -- it sounded like kind of dual hosting costs. Can you just talk about how those are going to trend in particular as we sort of think about the margin expansion in the second half?

知道了。知道了。伙計們，這一切都非常有幫助。布賴恩，也許是為了我的後續行動，只是關於一個稍微不同的問題。我想知道我們是否可以談談今年尤其是第二季度的利潤率動態。我想你提到過——如果我錯過了確切的數字，我深表歉意，但聽起來你特別提到了第二季度的一些雙重成本。你能不能——這聽起來像是一種雙重託管成本。當我們考慮下半年的利潤率擴張時，您能否談談這些趨勢將如何發展？

Yes. Happy to, Saket. Yes, so when we look at Q2, the margin, there's a couple of things happening when you look at the Q2 position. The first is we onboarded a meaningful part of our hiring plan last year in the second half. So we are seeing that margin pressure run through the first half of this year, and we'll begin to lap that as we get into the second half of the year. So that's putting pressure in Q2.

是的。很高興，Saket。是的，所以當我們查看 Q2 時，當您查看 Q2 位置時，會發生一些事情。首先是我們去年下半年加入了招聘計劃的重要部分。因此，我們看到利潤率壓力貫穿今年上半年，我們將在進入下半年時開始應對這一壓力。所以這給第二季度帶來了壓力。

We also have some seasonal points. So one is the payroll step-up that's happening in Q2. We also have our annual customer conference that plays through in the quarter as well.

我們還有一些季節性要點。因此，一個是第二季度發生的工資增長。我們還在本季度舉行了年度客戶會議。

And then the third point, which you alluded to, is we do have this nonrecurring one-off dual running cost, and we highlighted about $2 million, and it's related to cloud migration. So we're moving from 1 cloud provider to another, and that's caused driving some onetime costs, which is about $2 million in the quarter.

然後你提到的第三點是我們確實有這種非經常性的一次性雙重運行成本，我們強調了大約 200 萬美元，這與雲遷移有關。因此，我們正在從一家云提供商轉向另一家，這導致了一些一次性成本，本季度約為 200 萬美元。

So all those are running through. We then get to the second half of the year, and we do see expansion. And so we're modeling out expansion in the second half, and we get to a full year and we're forecasting margin about 40% for the full year. So that's how it kind of plays through from Q1 performance into Q2 where we have some of those headwinds that's putting pressure. And then we do see expansion in the second half, [can get] to 40 points for the year.

所以所有這些都在運行。然後到了下半年，我們確實看到了擴張。因此，我們正在為下半年的擴張建模，我們將進入一整年，我們預測全年的利潤率約為 40%。所以這就是從第一季度到第二季度的表現，我們有一些不利因素正在施加壓力。然後我們確實看到下半年的擴張，[可以] 達到 40 分。

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

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

Congrats on the quarter. Githesh, I was wondering if you could just talk about sort of the AI boom we've had in terms of the democratization of the topic and how that's maybe influencing your conversations. I realize you guys have perhaps been ahead of the wave that we've seen over the last few months. But is it creating a greater sense of urgency for any of your customers to start investigating products like STP? Is it helping take pilot projects from a month to a couple of weeks? Or can you just talk about how that's sort of impacting the discussions and maybe the pipeline that you look at for your AI-driven products?

祝賀這個季度。 Githesh，我想知道你是否可以談談我們在這個話題的民主化方面所經歷的某種人工智能熱潮，以及這可能如何影響你的談話。我意識到你們可能已經走在了過去幾個月我們所看到的浪潮的前面。但這是否會讓您的客戶產生更大的緊迫感，開始研究像 STP 這樣的產品？它是否有助於將試點項目從一個月縮短到幾週？或者您能否談談這對討論以及您為 AI 驅動產品所考慮的管道有何影響？

Yes. I would say the macro point, Kirk, is that as there is much more press around AI in general, you can't -- literally can't open a paper or an article without reading about AI. It is, in general, increasing visibility, awareness, and so that actually is a very positive trend for us. As you know, we have been at this for 7, if not almost 9 years of building very sophisticated models. And if you look at a couple of the core advantages we have is hundreds of models and much -- and an enormous amount of depth driven by about $1 trillion of historical data and daily data that comes in, right? On a daily basis, we're literally seeing hundreds and hundreds of millions of dollars of real-time data coming in through. So the feedback loops for the models is enormously powerful.

是的。柯克，我要說的是宏觀觀點是，由於一般來說圍繞 AI 的媒體越來越多，你不能 - 如果不閱讀有關 AI 的文章，你就無法打開一篇論文或文章。總的來說，它提高了知名度和意識，因此這對我們來說實際上是一個非常積極的趨勢。如您所知，我們在構建非常複雜的模型方面已經有 7 年甚至近 9 年的時間了。如果你看一下我們擁有的幾個核心優勢，那就是數百個模型——以及由大約 1 萬億美元的歷史數據和日常數據驅動的大量深度，對吧？每天，我們確實看到數以億計的實時數據傳入。因此，模型的反饋迴路非常強大。

I would say 1 other thing that is super helpful for us that our clients really appreciate and I appreciate it more is that we are in line in the existing workflows. So we are not applying AI separately. We're applying the AI in existing workflows, so it is very seamlessly integrated into existing paths and the way it works.

我要說的另一件事對我們非常有幫助，我們的客戶非常欣賞，我更欣賞的是我們符合現有的工作流程。所以我們沒有單獨應用人工智能。我們在現有工作流程中應用 AI，因此它非常無縫地集成到現有路徑及其工作方式中。

So what we are seeing is really 3 dimensions where we're continuing to add customers for pilots, additional customers. And the customers that we brought on board a year -- for some components, they're expanding to more markets, more states, more geographies. We've also added more comprehensive vehicle types. And so we're -- so it is actually nice to see the market. We were very early in this process, and it's exciting to actually see the market now and the press and everything else around it. It's actually very helpful to the cause in terms of customers.

所以我們看到的是真正的 3 個維度，我們正在繼續為飛行員增加客戶，其他客戶。我們每年帶來的客戶——對於某些組件，他們正在擴展到更多的市場、更多的州、更多的地區。我們還添加了更全面的車輛類型。所以我們 - 所以很高興看到市場。我們在這個過程中很早就開始了，很高興能真正看到現在的市場、媒體和周圍的一切。就客戶而言，這實際上對事業很有幫助。

You guys are definitely earlier on that trend. And then just 1 quick follow-up for Brian. Brian, just on the headcount additions over the course of the year, is there anything we should keep in mind in terms of how that will play into the margin ramp in the back half of the year? I guess are you kind of on track with what you want? Was there any -- just where are you, I guess, on headcount additions relative to your plan for the year?

你們肯定是這個趨勢的早期。然後對 Brian 進行 1 次快速跟進。布賴恩，就今年的員工人數增加而言，我們是否應該牢記這將如何影響今年下半年的利潤率增長？我猜你是否正朝著你想要的方向前進？有沒有 - 我猜你在哪裡，相對於你今年的計劃增加員工人數？

Yes, absolutely. Yes. So we had some catch-up headcount that we put in play last year, and it was weighted to the second half of the year. Beyond that, we are continuing to add heads, but nothing significant to call out that would distort any of the quarterly phasing. So we see kind of just normal progress as we go forward. Again, we're highlighting some margin pressure in Q2, but then we see the expansion in the second half, and we're guiding to about 41% margin in the second half to get us to the 40% for the full year. So our operational plan and our hiring plan is consistent with those assumptions.

是的，一點沒錯。是的。因此，我們去年投入了一些追趕人數，並將其加權到今年下半年。除此之外，我們還在繼續增加人數，但沒有什麼重要的事情會扭曲任何季度階段。因此，在我們前進的過程中，我們看到了一些正常的進展。同樣，我們強調了第二季度的一些利潤率壓力，但隨後我們看到了下半年的擴張，我們正在指導下半年實現約 41% 的利潤率，以使我們全年達到 40%。因此，我們的運營計劃和招聘計劃與這些假設一致。

Our next question comes from the line of Samad Samana of Jefferies.

我們的下一個問題來自 Jefferies 的 Samad Samana。

I had a follow-up question on the AI side. And as I think about Estimate-STP and the other products that are powered by AI, how should we think about the usage increasing so dramatically? And maybe where does that flow into costs in the short term? And is that part of the reason why you're changing to a different cloud provider? I just wanted to maybe explore that topic a little bit more.

我在 AI 方面有一個後續問題。當我想到 Estimate-STP 和其他由 AI 提供支持的產品時，我們應該如何看待使用量如此急劇增加的情況？也許在短期內這些成本會流入何處？這是否是您改用其他雲提供商的部分原因？我只是想多探討一下這個話題。

Samad, first of all, welcome to CCC. I think this is your first call. Thank you for joining.

Samad，首先，歡迎來到 CCC。我想這是你的第一個電話。感謝您的加入。

It is. We really look forward to working with you all and continuing to get to know you better.

這是。我們真的很期待與大家一起工作，並繼續更好地了解你們。

Great. So first and foremost, the -- again, as I mentioned, it is still less than -- even though the expansion has been substantial, we talked about a 10x increase in the Estimate-STP component from processing on an annualized basis, from -- going from $100 million in March of last year run rate, annualized run rate, to $1 billion this year, it's still less than 1%.

偉大的。因此，首先，正如我所提到的，它仍然低於 - 儘管擴張幅度很大，但我們談到了 Estimate-STP 組件從年化處理中增加了 10 倍，來自 - - 從去年 3 月的 1 億美元年化運行率到今年的 10 億美元，仍然不到 1%。

So I would say some of the -- what we did -- so that is not really -- in any significant way, it's still a very -- a small number, but it's super exciting to see the growth, the way customers have been piloting it, testing it, deploying it, lots and lots of work done between us and our customers, and that gives me enormous comfort and confidence about the path we're on and the feedback we're getting. So we feel very good about that.

所以我會說一些 - 我們所做的 - 所以這並不是 - 在任何重要方面，它仍然是一個非常 - 一個小數字，但看到增長，客戶的方式非常令人興奮試用它、測試它、部署它，我們和我們的客戶之間完成了大量的工作，這讓我對我們所走的道路和我們得到的反饋感到非常安慰和自信。所以我們對此感覺很好。

Relative to your question on the hosting costs, what we really did in the quarter was took a small component of our hosting, and we moved a small component of hosting that we're doing to -- from 1 provider to another provider. So there's a little parallel running, a couple of million dollars in the quarter, and that should be over this quarter. So really, the 2 dots are not connected. Did that answer your question, Samad?

相對於您關於託管成本的問題，我們在本季度真正做的是佔用我們託管的一小部分，並且我們將我們正在做的一小部分託管轉移到 - 從一個提供商到另一個提供商。所以有一點平行運行，本季度有幾百萬美元，應該在本季度結束。所以實際上，這 2 個點沒有連接。薩馬德，這回答了你的問題嗎？

Absolutely. I appreciate the thoroughness. And then maybe just how does that -- how does the company think about the type of seller or the sales organization and how they're going to market today versus increasingly having to sell maybe solutions that have more of a technical element to it? Does it change the nature of the sales cycle or the nature of the type of seller that you have? And how are you thinking about that from an evolutionary standpoint with the sellers that you have today?

絕對地。我很欣賞這種徹底性。然後可能是如何做到的——公司如何考慮賣家或銷售組織的類型，以及他們今天如何進入市場，而不是越來越多地銷售可能具有更多技術元素的解決方案？它會改變銷售週期的性質或您所擁有的賣家類型的性質嗎？從進化的角度來看，您如何看待今天的賣家？

Sure. So first and foremost, we have a full complement of people that have been with us for a long period of time, and we cover all our customers. At the heart of it, while we -- all our solutions have a deep -- very deep amount of technology behind them. What we're really delivering to a customer are really 2 things: operational excellence, the ability for them to improve operational performance and an ROI associated with it.

當然。因此，首先也是最重要的是，我們擁有長期與我們合作的人員，我們涵蓋了所有客戶。在它的核心，雖然我們——我們所有的解決方案背後都有深厚的——非常深厚的技術支持。我們真正向客戶提供的是兩件事：卓越運營、他們提高運營績效的能力以及與之相關的投資回報率。

So we've been in the business of delivering operational performance and ROI in a very short period of time over literally the last 20-plus years. So that core ability to deliver operational improvement and ROI, that hasn't changed. But where needed, we have absolutely added specialists from our product development, product engineering, sales engineering and other components. It's more augmentation as needed. So it's not really a major lift and shift for us.

因此，在過去的 20 多年裡，我們一直致力於在很短的時間內提供運營績效和投資回報率。因此，提供運營改進和投資回報率的核心能力並沒有改變。但在需要的地方，我們絕對增加了產品開發、產品工程、銷售工程和其他組成部分的專家。它是根據需要進行的更多擴充。所以這對我們來說並不是一個重大的提升和轉變。

Our next question comes from the line of Dylan Becker of William Blair.

我們的下一個問題來自威廉布萊爾的迪倫貝克爾。

Congrats. Maybe, Githesh, going back to the AI piece, too. You guys have spent a lot of time investing in R&D capabilities. You've got that massive differentiated data set. I would love to understand how you think about allocating resources. As we think about kind of stakeholders in the broader ecosystem, right, so going deeper in the AI capabilities kind of for the core customer base, customer segment and workflows today, obviously, expanding STP versus, again, I think go back to that like dark blue and light blue slide you guys had out of the IPO, but being able to address more of those kind of potential customer segments or integrations across the ecosystem as well. So maybe deeper versus wider.

恭喜。也許，Githesh，也回到 AI 部分。你們花了很多時間投資於研發能力。您擁有龐大的差異化數據集。我很想了解您對分配資源的看法。當我們考慮更廣泛的生態系統中的利益相關者時，對，所以更深入地研究人工智能功能，比如今天的核心客戶群、客戶群和工作流，顯然，擴展 STP 與我想再次回到那個深藍色和淺藍色幻燈片你們已經退出 IPO，但也能夠解決更多此類潛在客戶群或整個生態系統的集成。所以也許更深而不是更寬。

Dylan, yes. So if you look at the heart of what we've really learned of doing this over the last almost a decade is we have really built an extraordinary amount of very deep expertise from the very early days when we were buying NVIDIA CUDA engines to build graphics -- to build basically our AI models a long time ago to where we are today.

迪倫，是的。因此，如果你看看我們在過去近十年中真正學到的核心知識，那就是從我們購買 NVIDIA CUDA 引擎來構建圖形的早期階段開始，我們就真正積累了大量非常深厚的專業知識- 基本上建立我們很久以前的人工智能模型到我們今天的位置。

So we have built and developed a core set of capabilities where we can look at a problem and say, "AI would be super helpful for this or a more traditional algorithm would be really super helpful for this." And there's also a lot of side effects, second order effects about either drift in terms of confidence levels. What we've also learned is governance around this is super important to our customers. Meaning what is the confidence level? What's the accuracy level? Being super transparent about all of that. So the learning we've had in terms of our core people and our capability, we have a substantial amount of engineering talent now capable of building AI and models across any facet of the business.

因此，我們已經構建並開發了一套核心功能，我們可以在其中查看問題並說，“人工智能對此非常有幫助，或者更傳統的算法對此非常有幫助。”還有很多副作用，關於置信水平漂移的二階效應。我們還了解到，圍繞這一點的治理對我們的客戶來說非常重要。意思是什麼是置信度？準確率是多少？對所有這些都超級透明。因此，我們在核心人員和能力方面的學習，我們現在擁有大量的工程人才，能夠在業務的任何方面構建人工智能和模型。

What we've also done in our tech stack is to make sure that our AI models can be deployed quickly and seamlessly across the tech stack. So if you look at Estimate-STP, great example of using AI there. We talked about Engage where we're using semantic AI. We talked about subrogation where we're using AI models for subrogation. AI will be applied to parts ordering. And so we've actually made sure that we keep enhancing our tech stack so that the ability and speed at which we can deploy the AI to different vertical problems, so every one of our newer and emerging solutions as well as some of our -- what I'd call, our classic products, classic solutions, they're also using AI. For example, the simple ability to decide between a repair and a total loss, we're applying AI to even that process.

我們在技術堆棧中所做的還包括確保我們的 AI 模型可以在整個技術堆棧中快速無縫地部署。因此，如果你看一下 Estimate-STP，它就是在那裡使用 AI 的一個很好的例子。我們在使用語義 AI 的地方談到了 Engage。我們談到了代位權，我們正在使用人工智能模型進行代位權。人工智能將應用於零件訂購。所以我們實際上已經確保我們不斷增強我們的技術堆棧，以便我們可以將人工智能部署到不同的垂直問題的能力和速度，所以我們的每一個新的和新興的解決方案以及我們的一些 -我所說的，我們的經典產品，經典解決方案，他們也在使用人工智能。例如，在修理和完全損失之間做出決定的簡單能力，我們甚至將 AI 應用於該過程。

Got it. That's super helpful, yes. And obviously, a lot of optionality there. So very exciting and encouraging. Maybe if we switch over to the Diagnostics side. It seems like there's a couple of drivers on that opportunity as well. So I mean how should we think about maybe not only the opportunity for just like a pure kind of pre or post repair scan tied to the vehicle upgrade cycle, but also the opportunity maybe for more in-process scanning capabilities or calibrations, obviously, as there's more centers connected to all of these vehicles. But thinking about kind of the different drivers and the importance between the 2, because it seems like there's kind of different ways that they could layer and be beneficial to the business as well.

知道了。這非常有幫助，是的。顯然，那裡有很多可選性。非常令人興奮和鼓舞。也許如果我們切換到診斷方面。似乎這個機會也有幾個驅動因素。所以我的意思是，我們應該如何考慮可能不僅有機會進行與車輛升級週期相關的純粹的維修前或維修後掃描，而且還有機會進行更多的過程中掃描功能或校準，顯然，有更多的中心連接到所有這些車輛。但是考慮一下不同驅動因素的種類以及兩者之間的重要性，因為它們似乎可以通過不同的方式分層並對業務有益。

Yes. You're dead right about this, because at the heart of all of this is really increasing vehicle complexity. So what happens is vehicles become more complex, and newer vehicles come in, the need to scan the vehicle at the beginning, sometimes in the middle and sometimes at the end. So you know exactly what is wrong with the car, what needs to be reset. So that's a component.

是的。您對此完全正確，因為所有這一切的核心確實是增加了車輛的複雜性。所以發生的事情是車輛變得更加複雜，新的車輛進來，需要在開始時掃描車輛，有時在中間，有時在最後。所以你確切地知道汽車出了什麼問題，需要重新設置什麼。所以這是一個組成部分。

And as you rightfully pointed out, as the car park continues to get newer, new cars start to keep coming in, scanning becomes an extraordinarily important part of repairing a car accurately. One other element that our solution provides that is very unique is that the ability to verify that the scan was actually completed on the car, a prescan, a postscan, so that there's complete transparency between the carrier, the repair facility, the provider, that's a very important element of it because it's now standardized that process and provides transparency through all of these capabilities, and then that also extends to calibrations.

正如您正確指出的那樣，隨著停車場不斷更新，新車開始不斷湧入，掃描成為準確修理汽車的一個非常重要的部分。我們的解決方案提供的另一個非常獨特的元素是能夠驗證掃描是否確實在汽車上完成，預掃描，後掃描，以便承運人、維修機構、供應商之間完全透明，這是它的一個非常重要的元素，因為它現在標準化了該過程並通過所有這些功能提供了透明度，然後還擴展到校準。

And then, of course, as we mentioned, we have wonderful partners who are actually providing the connectivity into the scanning solutions. And our partners have been fantastic at this. And so we have -- as I think I mentioned in my prepared remarks, we have seen literally a doubling of the number of scans from Q1 of last year to Q1 of this year. With that said, it's still early days in terms of scanning.

然後，當然，正如我們提到的，我們有很棒的合作夥伴，他們實際上正在為掃描解決方案提供連接。我們的合作夥伴在這方面做得非常出色。因此，正如我想我在準備好的發言中提到的那樣，我們已經看到從去年第一季度到今年第一季度的掃描數量翻了一番。話雖如此，就掃描而言，現在還處於早期階段。

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

我們的下一個問題來自 CJS 證券公司的 Chris Moore。

A couple of questions. So I thought that the conversation -- that 20 basis point metric was really interesting way to look at it. Understanding that the total cost of claims is going to keep on going up, is there a target in terms of this 20 basis that you guys think about? I mean some day, it could be 50 basis points or that's not kind of part of the process.

幾個問題。所以我認為談話 - 20 個基點指標是一種非常有趣的方式來看待它。了解到索賠的總成本將繼續上升，你們是否考慮過以 20 為基礎的目標？我的意思是有一天，它可能是 50 個基點，或者這不是過程的一部分。

Chris, thanks for joining. We don't really have a target. The way we think about this is that when you connect this to the TAM that we've laid out in our public documents, this is why we remain confident about a multibillion dollar TAM. And when you connect it to what the less than 20 basis points we get today, and this is what gives us enormous confidence in the TAM that is available, and so we just kind of wanted to share that as a basis point. But the way our products are built, the way our products are consumed by our customers, they're mostly subscription-based. So it was just another way of saying there is a sizable opportunity here.

克里斯，感謝您的加入。我們真的沒有目標。我們考慮這個問題的方式是，當您將其與我們在公開文件中列出的 TAM 聯繫起來時，這就是我們對數十億美元的 TAM 保持信心的原因。當你將它與我們今天得到的不到 20 個基點聯繫起來時，這讓我們對可用的 TAM 充滿信心，所以我們只是想把它作為一個基點來分享。但是我們的產品構建方式，我們的產品被客戶消費的方式，它們大多是基於訂閱的。所以這只是另一種說法，這裡有一個相當大的機會。

Got it. And my follow-up, maybe a little less fundamentally or more focused on the stock. So you guys are coming up on your 2-year anniversary since going public. Given the relatively small float and things like sponsor earnout shares, there could be some added volatility. The stock ultimately moves back into the teens and beyond. Obviously, your focus is on the fundamentals, not you'd be rewarded as you've delivered there. But I just thought it would be worth discussing kind of longer-term equity incentives of management and how they were impacted by future stock prices. My understanding is that a $25 stock price is an important target for longer-term management incentives and just wanted to kind of hear your thinking there.

知道了。而我的後續行動，可能不太基本面或更關注股票。所以你們即將迎來上市 2 週年紀念日。鑑於相對較小的流通量和讚助商收益股份等因素，可能會增加一些波動性。股票最終回到十幾歲甚至更高。顯然，你的重點是基本面，而不是你在那裡交付時會得到回報。但我只是認為值得討論管理層的長期股權激勵以及它們如何受到未來股價的影響。我的理解是，25 美元的股價是長期管理激勵的重要目標，我只是想听聽你的想法。

Sure. One of the things that's always been great about what we've done is that we have always wanted our leadership team to act as owners, not just in terms of equity and options and grants and the like, when actually owning stock and having significant ownership, we believe that really drives ownership behavior. So if you just look at the last 2 years that we've been public, right, 8 quarters going from first quarter of 2022 -- 2021 to where we are today, literally 8 quarters later, we've added about 1/3 in revenue growth on a run rate annualized basis, roughly $200 million. We have increased earnings by about a half, and we've delivered $200 million of additional cash flow in that time frame.

當然。我們所做的事情一直很棒的事情之一是，我們一直希望我們的領導團隊在實際擁有股票和擁有大量所有權時充當所有者，而不僅僅是在股權、期權和贈款等方面，我們相信這確實會推動所有權行為。因此，如果您只看一下我們公開的過去兩年，對，從 2022 年第一季度到 2021 年到今天的 8 個季度，實際上是 8 個季度後，我們增加了大約 1/3按年率計算的收入增長約為 2 億美元。我們的收入增加了大約一半，並且我們在那個時間段內交付了 2 億美元的額外現金流。

So we are -- we feel very good about the value we are creating for our customers, the operational performance. And we think over the long run, your point is about the float and the -- the float that we have on the stock. We think we will power our way through these things, provided we continue to deliver and execute. And remember, many of our leadership team, our top leaders, all our employees, we have a very long-term orientation. And I've been at this for a very long period of time. And so I would say people in general, yes, feel bullish about where we think we'll end up as day-to-day, it's very hard to predict what the stock is actually going to do.

所以我們 - 我們對我們為客戶創造的價值以及運營績效感到非常滿意。我們認為從長遠來看，你的觀點是關於浮動和 - 我們在股票上的浮動。我們認為，只要我們繼續交付和執行，我們將通過這些事情來推動我們的方式。請記住，我們的許多領導團隊、我們的高層領導、我們所有的員工，我們都有一個非常長遠的目標。我已經在這方面工作了很長時間。所以我想說的是，一般人，是的，對我們認為我們每天最終會在哪裡感到樂觀，很難預測股票的實際走勢。

Our next question comes from the line of Tyler Radke of Citi.

我們的下一個問題來自花旗銀行的 Tyler Radke。

You mentioned in your script, Githesh, about, obviously, the increase in electric vehicles on the road. I was wondering if you could just share some data points on what you're seeing in terms of maybe repair shops that are more focused on electric vehicles. What -- is there any common customer behavior in terms of increased monetization rates, better product uptake, just given they are most likely dealing with higher claim ticket prices, so presumably, if you get a better take rate. Just any comments on kind of how that's impacting the fundamentals of your company just based on what you see at those customers.

你在劇本 Githesh 中提到，很明顯，路上電動汽車的增加。我想知道您是否可以分享一些數據點，說明您所看到的可能更專注於電動汽車的維修店。什麼——在提高貨幣化率、提高產品吸收率方面是否有任何常見的客戶行為，只是考慮到他們最有可能處理更高的索賠票價，所以大概是，如果你獲得更好的接受率。只是根據您在這些客戶身上看到的情況，對這如何影響貴公司的基本面發表任何評論。

Yes. Tyler, great to have you on the call. I would say maybe 2 or 3 points. First, what we're seeing is that even though sales last year were 6% of all vehicles sold in EVs, only -- what we're seeing is literally only 1% of that is actually translating, [becoming] that corresponds to the installed base of vehicles is still roughly 1%. But to my point that I was making earlier, which is the average cost of repair for EVs are today 50% higher than non-EVs, and the complexity around those vehicles is a little higher.

是的。泰勒，很高興你接聽電話。我會說可能有 2 或 3 分。首先，我們看到的是，儘管去年的銷量佔所有電動汽車銷量的 6%，但我們看到的實際上只有 1% 是真正轉化的，[成為]對應於車輛的安裝基數仍約為 1%。但就我之前提出的觀點而言，電動汽車的平均維修成本如今比非電動汽車高 50%，而且這些車輛的複雜性略高。

When you have disengaged an 800-volt rail or deal with different voltage subsystems and electrics, so additional things like diagnostics become really important, the ability to have more accurate repair procedures on how you disable voltage or where you cut the vehicle for a weld, all of those things become important. So we are also seeing some degree of specialization because of the CapEx required by some of the repair facilities.

當您斷開 800 伏電壓軌或處理不同的電壓子系統和電氣設備時，診斷等其他事情變得非常重要，能夠對如何禁用電壓或在何處切割車輛進行焊接進行更準確的維修程序，所有這些都變得很重要。因此，由於一些維修設施需要資本支出，我們也看到了某種程度的專業化。

And so it is tending towards the larger repair facilities and the more sophisticated repair facilities doing more of this work. But we think, over time, this will balance itself out because what you're dealing with in a collision repair is not the underlying subsystems like the motors or the gearbox or any of those things on an ICE vehicle or an EV vehicle, you don't have those, but you're dealing with the exterior panels, the cameras, the calibration devices and the exterior of the vehicle. And we think that process will get democratized as more and more electric vehicles get on the road. And as we talk to OEMs, they would like to see that as well.

因此，它傾向於使用更大的維修設施和更先進的維修設施來完成更多這項工作。但我們認為，隨著時間的推移，這會自行平衡，因為你在碰撞修復中處理的不是底層子系統，如電機或變速箱，也不是 ICE 車輛或 EV 車輛上的任何這些東西，你不需要沒有那些，但你要處理外部面板、攝像頭、校准設備和車輛外部。我們認為，隨著越來越多的電動汽車上路，這一過程將變得大眾化。當我們與原始設備製造商交談時，他們也希望看到這一點。

Got it. So it sounds like a long-term tailwind for the business.

知道了。因此，這聽起來像是對企業的長期順風。

Yes. And helping our customers dealing with the complexity. Yes.

是的。並幫助我們的客戶處理複雜性。是的。

Yes, yes. Okay. And Brian, one for you. So you called out some elevated casualty volumes in the first quarter. I guess -- and not to be too nitpicky here, but I think everyone is wondering about the macro environment. If I go back a year ago, I think you raised the high end of your guidance by $2 million coming out of Q1. I think this quarter, you just took up the low end of the guidance. And again, no one is going to going to fault you for not being aggressive (inaudible). But just curious if there's anything to call out, maybe any incremental conservatism that you're applying to the pipeline just as you give the updated guide here, which didn't increase on the high end despite the strength in the quarter.

是的是的。好的。還有布賴恩，一個給你。所以你在第一季度提出了一些增加的傷亡人數。我想——在這裡不要太挑剔，但我認為每個人都想知道宏觀環境。如果我回到一年前，我認為您將第一季度的指導上限提高了 200 萬美元。我認為本季度，你只是接受了指導的低端。再說一次，沒有人會因為你沒有攻擊性（聽不清）而責怪你。但只是好奇是否有什麼值得一提的，也許是你在管道中應用的任何增量保守主義，就像你在此處提供更新的指南一樣，儘管本季度表現強勁，但在高端並沒有增加。

Yes, absolutely. So as you remember, 80% of our revenue is subscription-based, and less than 20% is transactional. Part of the overperformance that we saw in Q1 was related to higher volume for casualty. And that's part of the transactional volume. So that higher volume is not guaranteed to sustain at that level. So we didn't model it through the balance of the year.

是的，一點沒錯。所以你還記得，我們 80% 的收入是基於訂閱的，只有不到 20% 是交易收入。我們在第一季度看到的部分超額表現與傷亡人數增加有關。這是交易量的一部分。因此，不能保證在該水平上維持更高的交易量。所以我們沒有通過一年的餘額來模擬它。

That said, due to the visibility that we do have on the 80% that's subscription-based and under long-term contracts, we did raise the low end of the guide, and that also pushed up the midpoint of the range. And so we're happy with the performance and the momentum in the business. We are comfortable on the position for the year. That said, it is early in the year, and we are operating in dynamic markets.

也就是說，由於我們確實對基於訂閱和長期合同的 80% 具有可見性，我們確實提高了指南的低端，這也推高了範圍的中點。因此，我們對業務的表現和勢頭感到滿意。我們對今年的職位感到滿意。也就是說，現在是年初，我們在充滿活力的市場中運營。

Our next question comes from the line of Gabriela Borges of Goldman Sachs.

我們的下一個問題來自高盛的 Gabriela Borges。

Githesh, Brian, [there was] a few companies that have shown resiliency throughout the macro volatility of the last 12 months. Following up on that last question, I'm curious, what kind of data or macro environment would make you incrementally more nervous about the pipeline or about [Elon] getting sales-like goals or essentially seeing a more negative impact on your business from macro volatility?

Githesh、Brian [有]一些公司在過去 12 個月的宏觀波動中表現出了彈性。跟進最後一個問題，我很好奇，什麼樣的數據或宏觀環境會讓你對管道或 [Elon] 獲得類似銷售的目標越來越緊張，或者從本質上看到宏觀對你的業務產生更大的負面影響揮發性？

Gabriela, thanks for joining. As you know, we've operated this business for several decades and have seen various economic cycles. And the only time where we saw a decrease in claim frequency was during the first year of COVID. And because of the underlying nature of the business being mandatory insurance and people need to drive, so that underlying architecture of the business itself means that our business over the last 20-plus years has really not been changed in any way. There's not been any cyclicality in the business. It's been more steady. And if you look at claim volumes in general, over many years, that trend up a little bit over time as population increases.

加布里埃拉，感謝您的加入。如您所知，我們經營這項業務已有數十年之久，經歷了各種經濟周期。我們唯一一次看到索賠頻率下降是在 COVID 的第一年。而且由於業務的基本性質是強制保險，人們需要開車，所以業務本身的基本架構意味著我們的業務在過去 20 多年裡確實沒有發生任何變化。業務中沒有任何週期性。已經比較穩了而且，如果您從總體上看索賠量，多年來，隨著人口的增加，這種趨勢會隨著時間的推移而略有上升。

And I would -- we have -- so this is one of the reasons why we have architectured our business to be able to deliver an ROI in 90 days. That means when you deploy our solution, it's not a multiyear implementation. It is a relatively quick implementation. Being on the cloud is super helpful. So all of these are incremental solutions with incremental, very quick ROI that our customers like to test. So the answer to your question of we're monitoring the macro environment very carefully and cautiously, but our observation over the last many years has been the approach we've taken has worked.

我會——我們有——所以這就是我們將業務架構設計為能夠在 90 天內交付投資回報率的原因之一。這意味著當您部署我們的解決方案時，它不是多年實施。這是一個相對快速的實現。在雲端非常有幫助。因此，所有這些都是增量解決方案，具有增量的、非常快速的投資回報率，我們的客戶喜歡測試。所以你的問題的答案是我們正在非常仔細和謹慎地監測宏觀環境，但我們在過去多年的觀察是我們採取的方法是有效的。

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

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

Githesh, I wanted to just get back to this Estimate-STP. The last time we spoke, you had said you really hadn't -- you had just done kind of a selective rollout, even though you have a number of insurance companies that had uptake in this product. Have you -- and I think it was selective rollout on a couple of states. I mean have you expanded that any? I mean to me, only if 1% of your claims volume is going through, and this is such a much more efficient process, how do you get more insurance companies to use it, I guess, is the question, too, that I would have.

Githesh，我只想回到這個 Estimate-STP。上次我們談話時，你說你真的沒有——你只是做了一種有選擇的推出，儘管你有很多保險公司已經採用了這個產品。你有嗎 - 我認為這是在幾個州的選擇性推出。我的意思是你擴展了嗎？我的意思是，只有 1% 的索賠量通過了，而且這是一個效率更高的流程，我想，你如何讓更多的保險公司使用它，這也是我想問的問題有。

Gary, I would say a couple of things. First and foremost, it also -- as we've started working with clients, we wanted to be extremely careful that people were actually seeing really great results. And so we limited the number of vehicle types. So we've slowly expanded the number of vehicle types. The solution is available, too. So that -- we've expanded that. And also, we were encouraging early customers to actually limit the geography, so we could actually test, pilot and make sure we work carefully in their particular environment.

加里，我想說幾件事。首先也是最重要的是，當我們開始與客戶合作時，我們希望非常小心，確保人們確實看到了非常好的結果。因此我們限制了車輛類型的數量。所以我們慢慢地增加了車輛類型的數量。該解決方案也可用。所以 - 我們已經擴展了它。而且，我們鼓勵早期客戶實際限制地理位置，這樣我們就可以實際測試、試點並確保我們在他們的特定環境中謹慎工作。

What we have seen is really an expansion of both that we now cover a very broad range of vehicles. And we have some customers who have gone out to pretty much nationwide, but there's still -- we're limiting the number of actual claims that go through this process with very high degrees of confidence. So as that confidence increases, we want to be very thoughtful and very careful in the early days of implementation, but we feel very good about what we're seeing both in terms of people adding additional stage, tuning processes as well as additional clients wanting to pilot the solution.

我們所看到的實際上是兩者的擴展，我們現在涵蓋了非常廣泛的車輛。我們有一些客戶已經在全國范圍內開展業務，但仍然有 - 我們非常有信心地限制通過此過程的實際索賠數量。因此，隨著這種信心的增強，我們希望在實施的早期非常周到和非常小心，但我們對我們在添加額外階段、調整流程以及其他客戶方面所看到的情況感到非常滿意。試點解決方案。

Do the repair shops have to do anything to work with the insurance companies that are using this Estimate-STP? Any capital threshold for them?

維修店是否必須與使用此 Estimate-STP 的保險公司合作？他們有什麼資本門檻嗎？

The short answer is no. There is no need for the repair facilities to actually change anything from their process standpoint. And because of the network effects that we have between the insurers and the repairers, the transition of the photos, the estimate and even the estimate that's produced can be edited and changed by a repair facility. So that's very easy to do. And we'll also be delivering other solutions for repair facilities, AI solutions.

最簡潔的答案是不。從他們的過程角度來看，維修設施不需要實際改變任何東西。由於我們在保險公司和維修商之間存在的網絡效應，照片的轉換、估算甚至生成的估算都可以由維修機構進行編輯和更改。所以這很容易做到。我們還將為維修設施、人工智能解決方案提供其他解決方案。

Our next question comes from the line of Alexei Gogolev of JPMorgan.

我們的下一個問題來自摩根大通的 Alexei Gogolev。

Could you elaborate on the traction of your payments business? There appeared to be quite a lot of applications to that product within your ecosystem. So maybe you could talk about which of those applications could potentially drive most upside to your revenue.

您能否詳細說明您的支付業務的吸引力？在你們的生態系統中，該產品似乎有很多應用程序。所以也許你可以談談這些應用程序中的哪些可能會為你的收入帶來最大的增長。

Alexei, first of all, welcome to CCC. I think this is your first call with us. So thank you for joining. And I would say on the payments solution, we see the payments solution as a horizontal solution in the sense that it applies to all forms of payments across the network, payments from -- to medical providers, payments from repair facilities to parts providers, insurers to repair facilities. So we've built a generic payment solution that works across the platform. And what we have been working with customers is really the early use cases. And we do have some revenue starting to flow through, but we are primarily seeing more opportunities across the ecosystem. So it is not in any 1 particular application.

阿列克謝，首先，歡迎來到 CCC。我認為這是您第一次與我們通話。謝謝你的加入。我想說的是，在支付解決方案上，我們將支付解決方案視為一種橫向解決方案，因為它適用於整個網絡的所有形式的支付，從--到醫療提供商的支付，從維修設施到零件供應商的支付，保險公司維修設施。因此，我們構建了一個適用於整個平台的通用支付解決方案。我們一直在與客戶合作的實際上是早期用例。我們確實有一些收入開始流入，但我們主要是在整個生態系統中看到更多機會。所以它不在任何一個特定的應用程序中。

Okay. Perfect. And then could you maybe elaborate on the adoption of mobile? How has it been increasing? And what is currently the share of claims now settled through the mobile channel?

好的。完美的。然後您能否詳細說明移動設備的採用情況？它是如何增加的？目前通過移動渠道解決的理賠比例是多少？

So what we have seen is from a -- almost a dead center start of 0 of very, very little mobile at the start of January of 2020, right before COVID, we are now hitting a threshold of about 28.5%, slightly under 30%. And so that number has -- steadily continues to increase because of all the benefits and efficiencies it provides to the consumer. And we have continued to also enhance that solution substantially. So not only can you take guided photos of the accident, we can help you schedule a repair. You get updates throughout the repair process. So mobile has become a very integrated part of the platform, and we've seen that grow to about 30% today. And I think it was probably in that 20% range a couple of years ago, so it continues to increase.

因此，我們所看到的是，在 2020 年 1 月初，也就是 COVID 之前，非常非常少的移動設備幾乎從零開始，我們現在達到了大約 28.5% 的閾值，略低於 30% .因此，由於它為消費者提供的所有好處和效率，這個數字一直在穩步增長。我們還繼續大幅增強該解決方案。因此，您不僅可以拍攝事故照片，我們還可以幫助您安排維修。您會在整個修復過程中獲得更新。所以移動已經成為平台的一個非常完整的部分，我們已經看到今天增長到大約 30%。我認為它可能在幾年前處於 20% 的範圍內，因此它會繼續增加。

And we've also brought mobile capabilities to our repair facilities in a big way. As I mentioned, the Engage solution has a fundamental ability for consumers to take pictures and get estimates from repair facilities, whether it's insurance paid or self-paid. So we've brought a lot of mobile capabilities over the years to collision repairs both in terms of tablets, mobile phones and linking to consumers.

我們還在很大程度上為我們的維修設施帶來了移動功能。正如我提到的，Engage 解決方案具有讓消費者拍照並從維修設施獲得估計的基本能力，無論是保險支付還是自付。因此，多年來，我們在平板電腦、手機和與消費者的鏈接方面為碰撞修復帶來了很多移動功能。

I would like to turn it back to Githesh Ramamurthy, CEO and Chairman of the Board, for closing remarks.

我想把它轉回給首席執行官兼董事會主席 Githesh Ramamurthy，請他發表閉幕詞。

Thank you all for joining us today. I'd like to thank our customers, our CCC team members and our shareholders for a great start to 2023. The durability of our business model continues to come through, and we remain confident in our ability to deliver on our strategic and financial objectives while helping our customers and investing in future solutions. We look forward to talking to you again in early August when we report our second quarter results, if not sooner. Thank you so much for your continued trust in us.

感謝大家今天加入我們。我要感謝我們的客戶、我們的 CCC 團隊成員和我們的股東，讓我們在 2023 年有了一個良好的開端。我們的商業模式將繼續保持持久性，我們對實現戰略和財務目標的能力充滿信心，同時幫助我們的客戶並投資於未來的解決方案。我們期待在 8 月初報告我們的第二季度業績時再次與您交談，如果不是更早的話。非常感謝您一直以來對我們的信任。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。