CCC Intelligent Solutions Holdings Inc (CCC) 2023 Q2 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 CCC 智能解決方案 2023 財年第二季度收益電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Bill Warmington. Please go ahead.

我現在想把會議交給比爾·沃明頓。請繼續。

Thank you, operator. Good afternoon, and thank you for joining us today to review CCC's second 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.

謝謝你，接線員。下午好，感謝您今天與我們一起回顧 CCC 2023 年第二季度的財務業績，我們在今天收盤後發布的新聞稿中宣布了這一結果。與我一起參加電話會議的還有 CCC 董事長兼首席執行官 Githesh Ramamurthy；以及 CCC 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. Further, these comments and the Q&A that follows are copyrighted today by CCC Intelligent Solutions Holdings, Inc. Any recording and retransmission or reproduction or other use of the same for profit or otherwise without prior consent of CCC is prohibited in the violation of United States copyright and other laws.

我們今天做出的有關公司業績和計劃的前瞻性陳述存在風險和不確定性，可能導致實際結果和公司計劃的實施出現重大差異。這些風險在我們的投資者關係網站上提供的收益發布中以及我們向 SEC 提交的 10-K 表格 2022 年年度報告的風險因素標題下進行了討論。此外，這些評論和隨後的問答今天的版權歸CCC Intelligence Solutions Holdings, Inc. 所有。未經CCC 事先同意，禁止以營利或其他方式錄製、轉發、複製或以其他方式使用這些評論，否則會侵犯美國版權。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 responsibly for inaccuracies that may appear in that transcript.

此外，雖然我們已批准第三方發布本次通話的文字記錄，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。

Please note that the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends related 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 SEC 定義的某些非 GAAP 財務指標。該公司認為，這些非公認會計準則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發布的收益報告中提供了 GAAP 與非 GAAP 衡量標準的調節表。

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

謝謝。現在我將把電話轉給吉瑟斯。

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 both the predictability and mission-critical nature of our solutions. The second quarter of 2023, CCC's total revenue was $212 million, up 10% year-over-year and ahead of our guidance range. Adjusted EBITDA was $81 million, also ahead of our guidance range. Our adjusted EBITDA margin was 38%.

謝謝你，比爾，也感謝大家今天加入我們。我很高興地向大家報告，CCC 又在一個季度取得了強勁的營收和利潤業績，反映了我們解決方案的可預測性和任務關鍵型本質。 2023 年第二季度，CCC 的總收入為 2.12 億美元，同比增長 10%，超出了我們的指導範圍。調整後 EBITDA 為 8100 萬美元，也高於我們的指導範圍。我們調整後的 EBITDA 利潤率為 38%。

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, the growing adoption of CCC solutions. First, our durable business model. As you know from previous earnings calls and media reports, the auto insurance economy is being impacted by multiple headwinds, including staffing shortages, inflation, supply chain issues, increasing vehicle complexity and rising consumer expectations.

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持久的商業模式。二是創新；第三，越來越多地採用 CCC 解決方案。首先，我們持久的商業模式。正如您從之前的財報電話會議和媒體報導中了解到的那樣，汽車保險經濟正受到多重不利因素的影響，包括人員短缺、通貨膨脹、供應鏈問題、車輛複雜性增加和消費者期望上升。

These challenges are being compounded by claim counts that have rebounded significantly from the pandemic and are now less than 10% below 2019 levels. Net result of these trends has been a significant increase in repairable, total loss and Casualty cycle times. We recently did a deep dive into a metric we first discussed back in 2021, the cumulative days of cycle time for automotive claims in a year. And by cycle time, I mean the number of days from a claim being open to a claim being closed.

索賠數量因疫情大流行而顯著反彈，目前比 2019 年的水平低不到 10%，這使得這些挑戰變得更加複雜。這些趨勢的最終結果是可修復、總損失和傷亡週期時間顯著增加。我們最近深入研究了我們在 2021 年首次討論的一個指標，即一年中汽車索賠週期的累計天數。我所說的周期時間是指從索賠開放到索賠結束的天數。

Back in 2019, the cumulative days of cycle time for automotive claims in the U.S. was more than 1 billion days per year, a staggering figure with the accelerating macro pressures facing the industry. However, in 2022, that figure rose to more than 2 billion days. To put that in perspective, 2 billion days is more than 70,000 human lifespans. This increase to 2 billion days underscores our claims in the P&C insurance economies need to address operational efficiency. We are uniquely positioned to help because our multi-sided cloud-native network with dozens of solutions links together companies across the entire auto insurance ecosystem.

早在2019年，美國汽車索賠週期累計天數每年就超過10億天，隨著行業面臨的宏觀壓力不斷加大，這一數字令人震驚。然而，到 2022 年，這一數字將上升至超過 20 億天。換個角度來看，20億天相當於7萬多人類的壽命。這一增加至 20 億天強調了我們在財產和意外傷害保險經濟體中的索賠需要解決運營效率問題。我們擁有獨特的優勢來提供幫助，因為我們擁有數十種解決方案的多邊雲原生網絡將整個汽車保險生態系統中的公司連接在一起。

The breadth of our network is unmatched with over 35,000 customers consisting of over 29,000 repair facilities, over 4,500 parts suppliers, more than 300 insurers and 13 of the top 15 automotive OEMs. By connecting these companies and digitizing processes across the ecosystem, our platform increases their ability to be productive, reduce inefficiency and improve communications throughout the claims process, which ultimately can result in claims being resolved faster.

我們的網絡範圍之廣無與倫比，擁有超過 35,000 家客戶，其中包括 29,000 多家維修機構、超過 4,500 家零部件供應商、超過 300 家保險公司以及 15 家汽車原始設備製造商中的 13 家。通過連接這些公司並實現整個生態系統中的流程數字化，我們的平台提高了他們的生產力、降低效率並改善整個索賠流程中的溝通，最終可以更快地解決索賠。

Estimate-STP, our AI-based estimating solution for insurers that can pre-populate a complete line-level repair estimate on a qualified claim in seconds using photos from a mobile phone, is a great example of how our solutions speed time to resolution. Today, a repair estimate prepared manually by an adjuster can take hours or even days to schedule and complete, which can negatively impact customer satisfaction as well as costing the insurer over $150 a claim.

Estimate-STP 是我們為保險公司提供的基於人工智能的估算解決方案，它可以使用手機中的照片在幾秒鐘內預先填充合格索賠的完整行級維修估算，這是我們的解決方案如何加快解決時間的一個很好的例子。如今，由理賠員手動準備的維修估算可能需要數小時甚至數天的時間來安排和完成，這可能會對客戶滿意度產生負面影響，並且保險公司每次索賠的成本將超過 150 美元。

It also typically involves driving on the part of the consumer and/or the adjuster as well as plenty of paper forms. Estimate-STP's multiple AI models by contrast can prepare the repair estimate in seconds or minutes 100% digitally, thereby reducing the cycle time, administrative expense and the environmental impact of the claims process. Today, the information to prepare repair estimates is collected through 3 channels, known in the industry as method of inspection, or MOI. Roughly 30% of claims are inspected by consumers via the mobile phone self-service channel, but 45% are inspected in the repair facility and approximately 25% are inspected by insurance staff in the field.

通常還涉及消費者和/或理算員的駕駛以及大量紙質表格。相比之下，Estimate-STP 的多個人工智能模型可以在幾秒或幾分鐘內以 100% 數字方式準備維修估算，從而減少索賠過程的周期時間、管理費用和環境影響。如今，準備維修估算的信息是通過 3 個渠道收集的，這在業內稱為檢查方法 (MOI)。大約30%的理賠是由消費者通過手機自助渠道檢查的，但45%是在維修機構檢查的，約25%是由保險公司工作人員在現場檢查的。

While Estimate-STP's initial application was using photos from a consumer's mobile phone to prepare an estimate, we want every inspection channel to be able to take advantage of this groundbreaking technology. Towards that end, we are working to expand our Estimate-STP solution and to inject AI-based computer vision technology into the repair facility and field adjuster channels. Using these technologies to assist consumers, repair technicians and field appraisers with inspection has the potential to reduce cycle time in estimate preparation and improve operating efficiency across a much larger set of claims.

雖然 Estimate-STP 的最初應用是使用消費者手機中的照片來準備估算，但我們希望每個檢查渠道都能夠利用這項突破性技術。為此，我們正在努力擴展我們的 Estimate-STP 解決方案，並將基於人工智能的計算機視覺技術注入維修設施和現場調節器渠道。使用這些技術協助消費者、維修技術人員和現場評估人員進行檢查，有可能縮短估算準備的周期時間，並提高大量索賠的操作效率。

We believe our decades-long track record of helping clients with the mission-critical operations is a cornerstone of our durable business model and why customers typically adopt more of our products over time. A great example of this was a recent win with a top 20 insurer and a long-time CCC customer who was only using our Casualty solutions and not our Auto Physical Damage or APD solutions. Last month, this customer agreed to add our full suite of APD solutions, including Estimate-STP. This client will be transitioning services from multiple vendors to the CCC platform. We have begun the implementation planning for the migration and expect this new APD relationship to start contributing revenue in the first half of 2024.

我們相信，我們數十年來幫助客戶完成關鍵任務運營的記錄是我們持久業務模式的基石，也是為什麼客戶通常會隨著時間的推移更多地採用我們的產品。一個很好的例子是最近贏得了一家排名前 20 的保險公司和一位長期 CCC 客戶，該客戶僅使用我們的傷亡解決方案，而不是我們的汽車物理損壞或 APD 解決方案。上個月，該客戶同意添加我們的全套 APD 解決方案，包括 Estimate-STP。該客戶將把多個供應商的服務轉移到 CCC 平台。我們已經開始製定遷移的實施計劃，預計這一新的 APD 關係將在 2024 年上半年開始貢獻收入。

This is a great example of the significant opportunity and numerous ways we have to expand our solution set with the country's largest insurers.

這是一個很好的例子，說明了我們與該國最大的保險公司一起擴展我們的解決方案集的重大機遇和多種方式。

The second point I'd like to discuss with you today is innovation. While we are proud of the network and portfolio of solutions we have built to date, we are still in the early innings of this industry's transformation and remain committed to investing in innovation that will increase the value we deliver to clients. A good example is investments we have made in recent years in our Casualty solutions, which we believe can be a major growth opportunity for CCC.

今天我想跟大家討論的第二點是創新。雖然我們對迄今為止建立的網絡和解決方案組合感到自豪，但我們仍處於該行業轉型的早期階段，並繼續致力於投資創新，以增加我們為客戶提供的價值。一個很好的例子是我們近年來在傷亡解決方案方面進行的投資，我們相信這可能是 CCC 的一個主要增長機會。

We recently rolled out a new AI-based computer vision technology for Casualty claims that can predict potential physical injuries to the occupants of a vehicle involved in an accident based on photos of the damaged vehicles. This use case links our APD and Casualty capabilities and enables insurers contracting for both sets of solutions to analyze claims early in the process using multiple AI models, helping insurers more efficiently and effectively identify risk, reserve appropriately and guide claims through the claims process.

我們最近針對傷亡索賠推出了一種基於人工智能的新型計算機視覺技術，該技術可以根據受損車輛的照片來預測事故中車輛乘員可能受到的身體傷害。該用例將我們的APD 和傷亡功能聯繫起來，使簽訂兩套解決方案的保險公司能夠在流程的早期使用多個人工智能模型分析索賠，幫助保險公司更高效、更有效地識別風險、適當預留並在整個索賠流程中指導索賠。

We have a long history of helping our APD clients improve their operating efficiency through early analysis of claims, the initial determination of likely total loss versus repair, for example. And we are now bringing that capability to our Casualty clients as well. This is another example of our AI model development and deployment capabilities, which on a combined basis, represent one of CCC's sustainable competitive advantages.

我們長期以來一直致力於通過索賠的早期分析（例如初步確定可能的總損失與修復）來幫助 APD 客戶提高運營效率。我們現在也將這種能力帶給我們的傷亡客戶。這是我們人工智能模型開發和部署能力的另一個例子，綜合起來，代表了 CCC 的可持續競爭優勢之一。

In terms of model development, we have over $1 trillion of historical accident data, which is continuously updated on a real-time hyper-local basis across tens of millions of repair estimates annually. In terms of model deployment, we are already deeply embedded in the work streams of many of our customers across the auto insurance economy, enabling seamless deployment of our AI solutions with a minimum of effort. We continue to see a large growth opportunity for CCC in Casualty. The insurance industry pays out the same amount in indemnity payments for Casualty and Auto Physical Damage each year, with the revenue opportunity in each market being roughly equal as well.

在模型開發方面，我們擁有超過 1 萬億美元的歷史事故數據，這些數據每年在超本地實時更新，涉及數千萬次修復估算。在模型部署方面，我們已經深深嵌入到車險經濟領域許多客戶的工作流程中，以最少的努力無縫部署我們的人工智能解決方案。我們繼續看到 CCC 在傷亡領域的巨大增長機會。保險業每年為傷亡和汽車物理損壞支付相同金額的賠償金，每個市場的收入機會也大致相等。

Yet today, only about 50 of our more than 300 APD, or Auto Physical Damage customers, also use our Casualty solutions, and our revenue from APD is 4x that from Casualty. Delivering our growing set of Casualty solutions into our APD customer base, therefore, represents one of our biggest growth opportunities with insurers. We're seeing early proof points that our strategy for Casualty is working. In Q2, for example, we added and expanded relationships with multiple new and existing customers. We believe our investments in innovation, combined with our ability to integrate our data and solutions on the APD side of the business, position us to continue to drive growth in Casualty.

然而如今，我們的 300 多家 APD（汽車物理損壞客戶）中只有大約 50 家也使用我們的傷亡解決方案，而我們來自 APD 的收入是傷亡的 4 倍。因此，向我們的 APD 客戶群提供不斷增長的傷亡解決方案是我們與保險公司合作的最大增長機會之一。我們看到的早期證據表明我們的傷亡戰略正在發揮作用。例如，在第二季度，我們增加並擴大了與多個新客戶和現有客戶的關係。我們相信，我們對創新的投資，加上我們在 APD 業務方面整合數據和解決方案的能力，將使我們能夠繼續推動傷亡險業務的增長。

For my third and final point, the growing adoption of CCC solutions, I'd like to highlight our parts offering. While parts is currently only about 5% of revenue, it is growing significantly faster than CCC overall, and we believe it represents a large opportunity for us. Last year, the collision repair industry spent about $18 billion on parts. Based on our existing business model, we believe parts represents a multi-hundred-million dollar annual revenue opportunity for CCC or more than 5x our current parts revenue. Today, only about 15% of industry parts volume is ordered electronically through the CCC network. We believe that CCC has the opportunity to increase that percentage over time because our electronic parts ordering solutions help improve operational efficiency for automotive OEMs, parts suppliers, repair facilities and insurers through process simplification, integration and automation.

對於我的第三點也是最後一點，即 CCC 解決方案的日益採用，我想強調一下我們的零件產品。雖然零部件目前僅佔收入的 5% 左右，但其增長速度明顯快於 CCC 整體收入，我們相信這對我們來說是一個巨大的機會。去年，碰撞修復行業在零部件上花費了約 180 億美元。根據我們現有的業務模式，我們相信零部件為 CCC 帶來了數億美元的年收入機會，是我們當前零部件收入的 5 倍以上。如今，只有約 15% 的行業零部件量是通過 CCC 網絡以電子方式訂購的。我們相信，隨著時間的推移，CCC 有機會提高這一比例，因為我們的電子零部件訂購解決方案通過流程簡化、集成和自動化，有助於提高汽車原始設備製造商、零部件供應商、維修設施和保險公司的運營效率。

Our parts platform brings relevant parties together to increase visibility to buyers into parts availability and pricing, making the entire parts procurement process faster and more transparent. Surprisingly, a meaningful portion of parts are still ordered manually via fax machines and phone calls, which is obviously slow, inefficient, error prone and emblematic of what needs to change to reduce the 2 billion days of annual cycle time.

我們的零件平台將相關各方聚集在一起，以提高買家對零件可用性和定價的了解，使整個零件採購流程更快、更透明。令人驚訝的是，很大一部分零件仍然是通過傳真機和電話手動訂購的，這顯然是緩慢、低效、容易出錯的，並且象徵著需要做出改變以減少 20 億天的年度週期時間。

In a world where supply chain disruptions are a regular occurrence, knowing supply and availability at the time of part selection is critical managing cycle time and total operating efficiency. Longer cycle times can mean higher rental car costs and lower customer satisfaction, lower shop and labor utilization for repair facilities and the lower volume of parts sold for parts suppliers.

在供應鏈中斷經常發生的世界中，在選擇零件時了解供應和可用性對於管理週期時間和總體運營效率至關重要。更長的周期時間可能意味著更高的租車成本和更低的客戶滿意度、更低的維修設施車間和勞動力利用率以及更低的零件供應商銷售量。

This quarter, we further grew our parts network by expanding the participation of 2 leading automotive OEMs and signing a multiyear extension with 1 of the leading aftermarket parts suppliers. We are pleased with how our parts platform is scaling and are confident that a growing portion of the industry parts procurement will take place electronically on our network in the years to come.

本季度，我們通過擴大兩家領先的汽車原始設備製造商的參與範圍，並與一家領先的售後市場零部件供應商簽署多年延期協議，進一步擴大了我們的零部件網絡。我們對我們的零部件平台的擴展感到滿意，並相信未來幾年越來越多的行業零部件採購將在我們的網絡上以電子方式進行。

Let me conclude by saying that we are proud of what we achieved in the first half of 2023 and are excited about what we have planned for the second half of the year. And we 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 年上半年取得的成就感到自豪，並對下半年的計劃感到興奮。我們對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.

我現在將把電話轉給布萊恩，他將向您詳細介紹我們的結果。

Thanks, Githesh. As Githesh highlighted, we are seeing strong momentum across our business in terms of innovation and 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.

謝謝，吉瑟斯。正如 Githesh 所強調的那樣，我們在整個業務中看到了創新和客戶採用解決方案方面的強勁勢頭。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，使我們能夠平衡創新投資，並提高整個經濟周期的運營效率。

As we now turn to the numbers, I'd like to review our second quarter 2023 results and then provide guidance for the third quarter and full year 2023. Total revenue for the second quarter was $211.7 million, up 10% from prior year period. Approximately 7 points of revenue growth in Q2 was driven by cross-sell, upsell and adoption of our solutions across our client base, including the upsell of repair shop packages, continued adoption of digital solutions and the ongoing momentum in Casualty. An incremental 3 points of growth came from new logos, mostly with our repair facilities and parts suppliers. I also want to highlight that we saw more than 1 point of growth in Q2 from our emerging solutions, mainly Diagnostics and Estimate-STP.

在我們現在轉向數字時，我想回顧一下 2023 年第二季度的業績，然後為 2023 年第三季度和全年提供指導。第二季度的總收入為 2.117 億美元，比去年同期增長 10%。第二季度收入增長約7 個百分點，這得益於交叉銷售、追加銷售以及整個客戶群對我們解決方案的採用，包括維修店套餐的追加銷售、數字解決方案的持續採用以及傷亡險領域的持續發展勢頭。增量增長 3 個百分點來自新徽標，主要是我們的維修設施和零部件供應商。我還想強調的是，我們的新興解決方案（主要是診斷和估算 STP）在第二季度實現了超過 1 個百分點的增長。

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 Q2 '23, GDR was 99%. This is consistent with last quarter and with all of 2022. We believe our strong software GDR reflects the value we provide and the significant benefits that are accrued 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。軟件總美元留存率（GDR）反映了與上年同期相比從我們的客戶群中留存的收入金額。 23 年第二季度，GDR 為 99%。這與上季度和 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通過參與更廣泛的 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式的核心原則。

Software net dollar retention, or NDR, captures the amount of cross-sell and upsell from our existing customers compared to the prior year period as well as volume movements in our Auto Physical Damage client base. In Q2 2023, software NDR was 107%. This is up modestly from 106% last quarter.

軟件淨美元留存率（NDR）反映了與上一年相比，我們現有客戶的交叉銷售和追加銷售數量，以及我們的汽車物理損壞客戶群的數量變化。 2023 年第二季度，軟件 NDR 為 107%。這比上季度的 106% 略有上升。

Now I'll move to the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP. We provided a reconciliation of GAAP to non-GAAP in our press release. Adjusted gross profit in the quarter was $162 million. Adjusted gross profit margin was 77%, flat with the second quarter 2022 and up slightly from 76% last quarter. The flat year-over-year adjusted gross profit margin primarily reflects operating leverage on incremental revenue, offset by the higher depreciation expense from capitalized projects recently released to the market, while the associated revenue from these emerging solutions is still in the early stages of scaling.

現在我將更詳細地討論損益表。提醒一下，除非另有說明，所有指標均為非 GAAP 指標。我們在新聞稿中提供了 GAAP 與非 GAAP 的調節表。該季度調整後毛利潤為 1.62 億美元。調整後毛利率為77%，與2022年第二季度持平，較上季度的76%略有上升。調整後毛利率同比持平主要反映了增量收入的運營槓桿，但被最近投放市場的資本化項目較高的折舊費用所抵消，而這些新興解決方案的相關收入仍處於規模擴大的早期階段。

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%. In terms of expenses, adjusted operating expense in Q2 2023 was $90.2 million, up 10% year-over-year. Expense growth reflects the impact of the headcount additions in the second half of last year that grew staff month capacity by close to 20% year-over-year. The quarter also included the nonrecurring IT migration costs that we highlighted last quarter. Adjusted EBITDA for the quarter was $80.9 million, up 10% year-over-year, and adjusted EBITDA margin was 38%.

總體而言，我們對運營槓桿和業務模式的可擴展性以及我們實現 80% 的長期調整毛利潤目標的能力感到滿意。費用方面，2023年第二季度調整後運營費用為9020萬美元，同比增長10%。費用增長反映了去年下半年員工數量增加的影響，員工每月的產能同比增長了近 20%。該季度還包括我們上季度強調的非經常性 IT 遷移成本。該季度調整後 EBITDA 為 8090 萬美元，同比增長 10%，調整後 EBITDA 利潤率為 38%。

Now turning to the balance sheet and cash flow. We ended the quarter with $404 million in cash and cash equivalents and $788 million of debt. At the end of the quarter, our net leverage was approximately 1.2x adjusted EBITDA. Free cash flow in the quarter was $55 million compared to $30 million in the prior year period. Unlevered free cash flow in Q2 was $65 million or about 80% of our adjusted EBITDA. While our level of free cash flow can vary quarter-to-quarter based on seasonality, phasing or onetime items, we expect it to continue to average out to the low to mid-60% of adjusted EBITDA over time. Normalized for the bonus payment in Q1, the year-to-date conversion of our adjusted EBITDA into unlevered free cash flow would be 67%.

現在轉向資產負債表和現金流量。本季度末，我們的現金和現金等價物為 4.04 億美元，債務為 7.88 億美元。截至本季度末，我們的淨槓桿約為調整後 EBITDA 的 1.2 倍。本季度自由現金流為 5500 萬美元，而去年同期為 3000 萬美元。第二季度的無槓桿自由現金流為 6500 萬美元，約佔調整後 EBITDA 的 80%。雖然我們的自由現金流水平可能會因季節性、階段性或一次性項目而逐季變化，但我們預計隨著時間的推移，其將繼續平均達到調整後 EBITDA 的 60% 的低至中段。對於第一季度的獎金支付進行標準化，年初至今我們調整後的 EBITDA 轉化為無槓桿自由現金流的比率將為 67%。

I'd like to finish with guidance beginning with Q3 2023. We expect total revenue of $215 million to $217 million, which represents 8% to 9% year-over-year growth. We expect adjusted EBITDA of $86 million to $88 million, which represents a 40% to 41% adjusted EBITDA margin in Q3. For the full year 2023, we expect revenue of $851 million to $855 million, which represents 9% year-over-year growth. We expect adjusted EBITDA of $337 million to $341 million, which represents a 40% adjusted EBITDA margin at the midpoint.

最後，我想從 2023 年第三季度開始提供指導。我們預計總收入為 2.15 億至 2.17 億美元，同比增長 8% 至 9%。我們預計調整後 EBITDA 為 8600 萬美元至 8800 萬美元，這意味著第三季度調整後 EBITDA 利潤率為 40% 至 41%。對於 2023 年全年，我們預計收入為 8.51 億至 8.55 億美元，同比增長 9%。我們預計調整後 EBITDA 為 3.37 億美元至 3.41 億美元，調整後 EBITDA 利潤率中點為 40%。

Two points to keep in mind as you think about the third quarter and full year guidance. The first is that we feel good about our ability to deliver our position for the year. We've raised our revenue guidance for 2023 by $5 million based on the momentum of the business and our durable revenue model that provides good visibility driven from our long-term subscription contracts. This has moved our revenue guidance range from 8% to 9% to 9% growth for the full year.

在考慮第三季度和全年指導時，請記住兩點。首先，我們對今年實現目標的能力感到滿意。基於業務發展勢頭以及我們持久的收入模式，我們將 2023 年的收入指導上調了 500 萬美元，該模式通過長期訂閱合同提供了良好的可見性。這使得我們全年的收入增長指導範圍從 8% 到 9% 到 9%。

The second point is that we expect adjusted EBITDA margins to step up from 39% in the first half of 2023 to 41% in the second half as we benefit from operating leverage on the incremental revenue and also lapping last year's second half headcount ramp. Overall, the strong trends we're seeing in renewals and the relationship expansion reinforces our confidence in the underlying strength of the business and our guidance.

第二點是，我們預計調整後的EBITDA 利潤率將從2023 年上半年的39% 升至下半年的41%，因為我們受益於增量收入的運營槓桿，並且也超越了去年下半年的員工人數增長。總體而言，我們在續約和關係擴展方面看到的強勁趨勢增強了我們對業務潛在實力和指導的信心。

The combination of our durable business model, advanced AI capabilities, interconnected network and broad solution set puts us in a position to help our customers in the P&C insurance economy reduced cycle times and administrative costs while improving the consumer experience throughout the claim process. 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.

我們持久的商業模式、先進的人工智能功能、互聯網絡和廣泛的解決方案集相結合，使我們能夠幫助財產和意外傷害保險經濟中的客戶縮短週期時間和管理成本，同時改善整個索賠過程中的消費者體驗。整個財產和意外傷害保險經濟對數字化的需求持續加速，CCC 處於有利位置，可以在近期和長期推動收入和盈利能力的持久增長。

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 into the mid-40s. As we continue to execute on our strategic priorities, we believe we will generate significant value for both our customers and our shareholders.

我們對實現 7% 至 10% 有機收入增長和調整後 EBITDA 利潤率擴展到 40 多歲中期的長期目標充滿信心。隨著我們繼續執行我們的戰略重點，我們相信我們將為我們的客戶和股東創造巨大的價值。

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

接線員，我們現在準備好回答問題了。謝謝。

(Operator Instructions) Our first question comes from the line of Kirk Materne of Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 Kirk Materne。

Congrats on a nice quarter. Githesh, I was wondering if you could talk a little bit more about the opportunity for Estimate-STP outside mobile and self-service. I think before, you guys were thinking only about 30% of the market was sort of available to STP. That would seem to expand the TAM pretty dramatically if you can go through other channels or other claims are now eligible. Can you just talk about that a little bit and how that maybe changes either your thoughts on attach rate or the TAM?

恭喜您度過了一個美好的季度。 Githesh，我想知道您是否可以多談談移動和自助服務之外的估算 STP 機會。我認為之前，你們認為只有大約 30% 的市場可供 STP 使用。如果您可以通過其他渠道或其他索賠現在符合條件，那麼 TAM 似乎會顯著擴大。您能否簡單談談這一點，以及這可能如何改變您對附加率或 TAM 的看法？

Yes, sure. Thanks for the question. First and foremost, our mobile clients are continuing to adopt and roll out Estimate-STP, and we've got different states kind of continuing to move, more clients continue to adopt. And just as a reminder, we have mentioned in the past that our total Estimate-STP volume, while it's still a little over $1 billion, still less than 1% of our total volume. So I just want to make sure you understand that part.

是的，當然。謝謝你的提問。首先也是最重要的，我們的移動客戶正在繼續採用和推出 Estimate-STP，並且我們有不同的狀態繼續移動，更多的客戶繼續採用。提醒一下，我們過去曾提到過，我們的 STP 預估總交易量雖然仍略高於 10 億美元，但仍不到我們總交易量的 1%。所以我只是想確保你理解那部分。

Second, we have been testing this capability out with insurance staff adjusters who also will need this capability, and the receptivity has been terrific. So it does expand the TAM to a 25 -- an additional 25% that's insurance staff.

其次，我們一直在與也需要這種功能的保險工作人員理算員一起測試這種功能，並且接受度非常好。因此，它確實將 TAM 人數擴大到 25 人——另外 25% 是保險人員。

As we continue to work with repair facilities, which is 45% of all inspections, we've been testing this capability with repair facilities, and we are seeing some real benefits in the ability for a repair facility to get -- not only get the photos from consumers but also get a sense for what the repair would cost and what an estimate would look like that provides some real efficiencies.

隨著我們繼續與維修機構合作（佔所有檢查的 45%），我們一直在測試維修機構的這種能力，並且我們看到維修機構能夠獲得的一些真正的好處——不僅獲得不僅可以查看消費者的照片，還可以了解維修費用以及估算結果，從而提供一些真正的效率。

So very early stages on the second 2 use cases we talked about, but it does expand our TAM, and also a reminder that Estimate-STP is part of a much broader straight-through processing solution for us.

因此，我們討論的後兩個用例處於非常早期的階段，但它確實擴展了我們的 TAM，同時也提醒我們，Estimate-STP 是我們更廣泛的直通式處理解決方案的一部分。

Great. That's super helpful. And then Brian, just so we think about it correctly. As we go into the back half of the year, in terms of net retention, can you just talk -- sorry, a net dollar retention, should we be expecting it to remain around this like 107% range? Kind of how should we -- I know you don't guide specifically. But any changes we should be expecting on that front?

偉大的。這非常有幫助。然後布萊恩，只是為了讓我們正確地思考它。當我們進入今年下半年時，就淨留存率而言，您能談談——抱歉，美元淨留存率，我們是否應該期望它保持在 107% 左右的範圍？我們應該如何——我知道你沒有具體指導。但我們應該期待這方面有什麼變化嗎？

Yes, absolutely. Yes. If you look historically, we've been around 106% is kind of a steady-state position. We did 106% last quarter. We did 106% in Q4. Obviously, we did 107% this quarter. We feel good on the 107% and the overall momentum and progress in the business. So I think it's going to be in that range, 106%, 107%. It will move around a bit quarter-to-quarter, but that's how we think about it. Certainly, as we go longer term, we have highlighted that we think cross-sell and upsell will move more like 80% of total growth and new logos will be 20%. But that's medium to longer term as we step towards those growth rates.

是的，一點沒錯。是的。如果你看歷史，我們一直在 106% 左右，這是一種穩態位置。上個季度我們完成了 106%。第四季度我們完成了 106%。顯然，本季度我們完成了 107%。我們對 107% 以及業務的整體勢頭和進展感到滿意。所以我認為它會在這個範圍內，106%、107%。每個季度都會有一些變化，但這就是我們的想法。當然，從長遠來看，我們強調，我們認為交叉銷售和追加銷售將佔總增長的 80%，而新徽標將佔 20%。但這是中長期的，因為我們正在朝著這些增長率邁進。

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 on the results here. Maybe starting on the AI kind of theme. You talked about casualty detection capabilities. You announced the partnership with Verisk for fraud detection. Githesh, I wonder how you think about the potential for AI and automation to change the core kind of underwriting workflows and decisioning process for carriers. And maybe effectively, is it digitizing existing but also unlocking entirely new capabilities, maybe new shares of premiums? How should we think about that potential?

恭喜這裡的結果。也許從人工智能類型的主題開始。您談到了傷亡檢測能力。您宣布與 Verisk 建立欺詐檢測合作夥伴關係。 Githesh，我想知道您如何看待人工智能和自動化改變運營商承保工作流程和決策流程的核心類型的潛力。也許有效的是，它是在數字化現有的同時釋放全新的功能，也許是新的保費份額？我們應該如何看待這種潛力？

The short answer is that over the long term, it does open a lot of other avenues and capabilities, especially if you look at the -- what happened with P&C insurance, right? In 2022, for example, the P&C insurance had a combined ratio of 102%, and auto -- personal auto had a combined ratio of 110%, which has been pretty challenging. And so over the long term, we do think there will be other use cases, but we are not focused very deliberately on those use cases right now.

簡而言之，從長遠來看，它確實開闢了許多其他途徑和能力，特別是如果你看看財產與意外傷害保險發生了什麼，對嗎？例如，到2022年，財產險的綜合成本率為102%，汽車-個人汽車的綜合成本率為110%，這是相當具有挑戰性的。因此，從長遠來看，我們確實認為還會有其他用例，但我們現在並沒有刻意關注這些用例。

For example, the ability to -- when you insure a car, to be able to take pictures around the car, look at the damage on the vehicle to get fraud checks and other things when you underwrite that vehicle, the AI is absolutely applicable but -- over the long term. But that's not what we're focused on today.

例如，當你為汽車投保時，能夠在汽車周圍拍照，查看車輛的損壞情況以獲取欺詐檢查以及其他在你承保該車輛時的能力，人工智能是絕對適用的，但是——從長遠來看。但這不是我們今天關注的重點。

Okay. That makes sense. And then going back to kind of that 2 billion cumulative days metric, which I mean, I think it's just fairly mind-blowing. We've talked about complexity in the past, maybe touching on frequency and severity. The perception that maybe, I don't know, even EV brings it down over time. I think some of the early stats point to the contrary there. I guess how you're thinking about the trend line of not only frequency and severity as it pertains to EVs, but then the positioning of repair facilities to actually address this growing mix of work because, again, it doesn't seem like 1 billion going to 2 billion, there's room for that number to continue trending higher?

好的。這就說得通了。然後回到 20 億累計天數指標，我的意思是，我認為這相當令人興奮。我們過去討論過複雜性，也許涉及到頻率和嚴重性。我不知道，隨著時間的推移，即使是電動汽車也會讓其下降。我認為一些早期的統計數據表明了相反的情況。我想您不僅會考慮與電動汽車相關的頻率和嚴重程度的趨勢線，還會考慮維修設施的定位，以實際解決這種不斷增長的工作組合，因為，這似乎不是 10 億到了20億，這個數字還有繼續上升的空間嗎？

Yes. Sure. So first of all, from a frequency standpoint, frequency has been coming up a little bit but still below 2019 levels, probably 7% to 10% below 2019 levels. But what has happened is that the complexity of repair has increased significantly. Let me give you a couple of stats to illustrate this point.

是的。當然。首先，從頻率的角度來看，頻率有所上升，但仍低於 2019 年的水平，可能比 2019 年的水平低 7% 到 10%。但實際情況是，修復的複雜性顯著增加。讓我給你一些統計數據來說明這一點。

So if you look at repair costs, 75% of the increase in repair costs between 2018 and 2022 came from really 2 categories: the number of parts in the vehicle and the amount of labor hours in the vehicle. That accounted for 75% of the increase. So in 2021, we saw a repair cost increase of 11.5%. In '22, we saw a repair cost increase of 13.5%, and that has abated somewhat. But underlying this was really the fact that in 2018, we had 10.1 parts per collision repair and in '22, that had increased to 13.1 parts. So in other words, every repair, every collision repair just over that 4-year time frame, you've got 30% more parts going in with inflation coming in, and you also have more specialized labor coming in. So labor hours have gone from about 24 hours to a little over 27 hours.

因此，如果你看一下維修成本，就會發現 2018 年至 2022 年間，維修成本增長的 75% 實際上來自兩類：車輛中的零部件數量和車輛中的工時量。這佔增長的 75%。因此，2021 年，我們看到維修成本增加了 11.5%。 22 年，我們看到維修成本增加了 13.5%，現在已經有所下降。但其背後的事實是，2018 年，我們每次碰撞修復有 10.1 個零件，而在 22 年，這一數字已增加到 13.1 個零件。換句話說，在這4 年的時間範圍內，每次維修、每次碰撞維修，隨著通貨膨脹的到來，您的零件數量會增加30%，而且您還會有更多的專業勞動力加入。因此，勞動時間已經過去了。從大約 24 小時到 27 小時多一點。

So when you take these 2 things, all of these factors in, this is what we've talked about is the growing complexity of repairs, the growing complexity with EVs. EVs are still almost 35%, 40-plus percent more expensive to repair. And since we see a very -- a decent volume of EV going through our platform, it's still only 1% of claims, even though EV sales are now around 6% of sales. We see this growing -- fundamental growing complexity is really what we're trying to address and hence, the number that we see going from 1 billion days to 2 billion days and part of it is also due to supply chain issues, which are starting to normalize.

因此，當你考慮這兩件事，所有這些因素時，這就是我們所說的維修復雜性日益增加，電動汽車日益複雜。電動汽車的維修成本仍然高出近 35%、40% 以上。由於我們看到大量的電動汽車通過我們的平台，因此它仍然只佔索賠的 1%，儘管電動汽車銷量現在佔銷量的 6% 左右。我們看到這種不斷增長的情況- 根本上不斷增長的複雜性確實是我們正在努力解決的問題，因此，我們看到的天數從10 億天增加到20 億天，其中部分原因也是由於供應鏈問題，這些問題正在開始正常化。

But underneath all of this is really complexity that we need to help every single one of our customers help manage.

但在這一切的背後，確實存在著複雜性，我們需要幫助每一位客戶進行管理。

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

我們的下一個問題來自高盛的加布里埃拉·博爾赫斯。

Githesh and Brian, we talk about the consistency and the durability of growth in the business model every quarter so I splattered it out for you. As you reflect of the year-to-date, what has surprised you? Where are you seeing things that may be are more technology adoption to the upside? Is there anything that surprise you to the downside? Just a little bit of a reflection on how the year has gone relative to your internal plan.

Githesh 和 Brian，我們每個季度都會討論業務模式增長的一致性和持久性，所以我為你們一一介紹。回顧今年迄今為止，什麼讓您感到驚訝？您在哪些方面看到了更多技術採用可能帶來的好處？有什麼缺點讓您感到驚訝嗎？只是稍微反思一下這一年相對於你的內部計劃的進展情況。

Yes. Maybe, Gabriela, I'll take that first, and maybe, Brian, you can add to that. Part of having done what we've done for a fairly long time is that our business fundamentally tends not to have too many surprises and which means many of the trends that we're seeing either in terms of technology or things that we're able to see with the visibility of the data that comes through the platform, we're able to see this.

是的。也許，加布里埃拉，我會先考慮這個，也許，布萊恩，你可以補充一下。我們長期以來所做的事情的一部分是，我們的業務從根本上不會有太多驚喜，這意味著我們在技術或我們能夠做到的事情方面看到的許多趨勢通過平台傳來的數據的可見性，我們能夠看到這一點。

With this said, one thing we are seeing, I would say, at a macro level, is that when we talk to our clients across the entire economy, whether it is OEMs, car companies, parts providers, insurers, repairers, the general sense of leaning in to use technology more aggressively than they were in the past to improve efficiency and to solve for shortage of labor, that is one that we are consistently seeing across the board.

話雖如此，我想說，在宏觀層面上，我們看到的一件事是，當我們與整個經濟領域的客戶交談時，無論是原始設備製造商、汽車公司、零部件供應商、保險公司、維修商，一般意義上傾向於比過去更積極地使用技術來提高效率並解決勞動力短缺問題，這是我們一直在全面看到的。

Again, it doesn't necessarily change things on a week-to-week or month-to-month or quarter-to-quarter, but having seen this for a long time, we are seeing much more acceptance of being able to deploy process efficiencies and tools to deliver a differentiated customer experience.

同樣，它並不一定會每週、每月或每季度都會改變事情，但經過很長一段時間的觀察，我們發現人們越來越接受能夠部署流程提供差異化​​客戶體驗的效率和工具。

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

我不知道，布萊恩，你是否想對此添加任何內容。

No, I think you've covered it well. I would just also highlight just the -- clearly, at the macro, there's a lot of -- it's a dynamic marketplace we're operating in. That said, we have really good client engagement and overall, a lot of positive feedback from clients and how we're engaged with them. So I think that's just another important thing that's happening with our business in a dynamic marketplace.

不，我認為你已經涵蓋得很好了。我還要強調——顯然，從宏觀角度來看，我們正在運營一個充滿活力的市場。也就是說，我們擁有非常良好的客戶參與度，總體而言，客戶提供了很多積極的反饋以及我們如何與他們合作。所以我認為這只是我們的業務在動態市場中發生的另一件重要的事情。

Good to hear. My follow-up is on the Casualty business. I believe last quarter, you talked about Casualty volumes impacting about 1 point on the NRR. How should we think about Casualty volumes on a quarter-to-quarter basis? And any volatility in that metric? And as you gain momentum in Casualty, would love to hear what you're seeing in terms of competitive response from the 1 or 2 incumbents who have good positions in that space.

很高興聽到。我的後續行動是傷亡業務。我相信上個季度，您談到傷亡人數對 NRR 產生約 1 個百分點的影響。我們應該如何看待每個季度的傷亡人數？該指標有波動嗎？當您在傷亡領域獲得動力時，您很想听聽您所看到的在該領域擁有良好職位的 1 或 2 位現任者的競爭反應。

Yes, on the Casualty, maybe I'll let Githesh talk around the competitive point. I would just say from a -- the revenue performance, Q2 came in line with expectations and performed well. We're happy with the overall performance of Casualty. We're happy with the momentum that we're seeing across Casualty and the ongoing strength, and so we feel good on where we landed with Q2. We feel good on what's ahead of us in the second half of the year.

是的，關於傷亡，也許我會讓吉瑟什談談競爭點。我只想說，從收入表現來看，第二季度符合預期並且表現良好。我們對 Casualty 的整體表現感到滿意。我們對傷亡人員所看到的勢頭和持續的實力感到滿意，因此我們對第二季度的成績感到滿意。我們對下半年的前景感到滿意。

Maybe one small point of clarification. We talked about the Casualty impact in Q1. Casualty is not in our NDR calculation, Gabriela, just as a point of clarity. When we referenced it in Q1, it was in reference to total growth and the overperformance in Q1, so just a small little mechanical point there.

也許需要澄清一點。我們討論了第一季度的傷亡影響。加布里埃拉，為了澄清這一點，我們的 NDR 計算中沒有傷亡人數。當我們在第一季度引用它時，它是指第一季度的總增長和超額表現，因此只是一個小小的機械點。

Yes, Gabriela, regarding the second part of your question, we never underestimate what others are doing. And we do have history in whether it is in the repair facility side of the business or the Auto Physical Damage side of our business with insurers of really focusing on incredible innovation and differentiation in terms of what results we can deliver. And so much of the work we've done over the last several years to position our Casualty platform, including some of the AI examples that I talked about earlier, we think those are really helping to differentiate us.

是的，加布里埃拉，關於你問題的第二部分，我們永遠不會低估其他人正在做的事情。無論是在維修設施業務方面，還是在我們業務的汽車物理損壞方面，我們確實有過歷史，保險公司真正專注於令人難以置信的創新和差異化，以提供我們可以提供的結果。過去幾年我們為定位我們的傷亡平台所做的大量工作，包括我之前談到的一些人工智能示例，我們認為這些確實有助於我們脫穎而出。

And also remember, that many parts of the system where the processing is still manual and a lot of manual handoffs and other things taking place, a lot of bills coming in are still paper coming in. So there's just a lot of opportunity there as well.

還要記住，系統的許多部分仍然是手動處理，並且發生大量手動交接和其他事情，大量進來的賬單仍然是紙質的。所以那裡也有很多機會。

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。

Githesh, maybe just to start with you. I was wondering if you could just talk about the new top 20 APD win here in the quarter. Great to see it because I think you've already got the majority of the top 20. But maybe the question is, from your discussions with the customer, what do you think prompted them to move to CCC? And are there other opportunities for cross-sell like this within the Casualty business? Does that make sense?

Githesh，也許只是從你開始。我想知道您是否可以談談本季度新的前 20 名 APD 勝利。很高興看到它，因為我認為您已經佔據了前 20 名中的大部分。但也許問題是，從您與客戶的討論來看，您認為是什麼促使他們轉向 CCC？在傷亡險業務中是否還有其他類似的交叉銷售機會？那有意義嗎？

Yes, absolutely. Let me clarify one thing to start with, right? We've said on the -- we said this was the only customer that was using -- in the top 30. This was the only customer that was using CCC for Casualty, but not using us for Auto Physical Damage. So this customer -- so every other customer we have in the top 30 uses CCC for Auto Physical Damage and occasionally for Casualty. Casualty representing a much smaller customer base across the top -- our largest customers.

是的，一點沒錯。首先讓我澄清一件事，對嗎？我們說過，我們說這是前 30 名中唯一使用 CCC 的客戶。這是唯一使用 CCC 處理傷亡事故，但不使用我們的汽車物理損壞處理的客戶。所以這個客戶——所以我們在前 30 名中的所有其他客戶都使用 CCC 來處理汽車物理損壞，偶爾也用於傷亡。傷亡人員代表的是我們最大的客戶群，而我們的高層客戶群要小得多。

So is that clear? So this customer now will not only be of the Casualty customer but will now also use our full suite of Auto Physical Damage. I think what -- through the evaluation process and where they were, they saw, I would say, a handful of benefits. First and foremost, the breadth and depth of our network and our ability to deliver differentiated performance given we have the widest network of parts providers, repair facilities and the like.

那麼清楚了嗎？因此，該客戶現在不僅是傷亡客戶，而且現在還將使用我們的全套汽車物理傷害。我認為，通過評估過程和他們所處的位置，我想說，他們看到了一些好處。首先也是最重要的是，我們網絡的廣度和深度以及我們提供差異化​​性能的能力，因為我們擁有最廣泛的零件供應商、維修設施等網絡。

Second, I would say, is that very unique innovation that we have put in place. The innovation, for example, with Estimate-STP in a number of areas where, on a single platform, you can get all of these components connected together and delivered. And third, and I would say last, if not the least, is when you have a Net Promoter Score of 80-plus, which is industry-leading, that also lends itself to fantastic references from other customers who have been using the platform, and nothing equals having great references for what you do for your clients.

其次，我想說的是，我們實施了非常獨特的創新。例如，在許多領域中通過 Estimate-STP 進行的創新，您可以在一個平台上將所有這些組件連接在一起並交付。第三，也是我要說的最後一點，就是當你的淨推薦值達到 80 以上時，這是行業領先的，這也有助於從其他一直使用該平台的客戶那裡得到很好的參考，沒有什麼比為你的客戶所做的事情擁有很好的參考更重要的了。

Absolutely. Absolutely. Congrats again on the win. Brian, maybe for you, just to stay on this topic, were we expecting this top 20 win this year? I know it's not going to contribute to revenue more meaningfully until the first half of '24. But can you just maybe talk about how big this contract could be and whether it's contributing at all to this year's increase in the guide?

絕對地。絕對地。再次祝賀您獲勝。 Brian，也許對你來說，只是為了繼續這個話題，我們是否期待今年的前 20 名勝利？我知道直到 24 年上半年它才會對收入做出更有意義的貢獻。但您能否談談這份合同的規模有多大，以及它是否對今年指南的增長做出了貢獻？

Yes. No problem. So yes, this deal has been in the pipeline, as you would expect, for a while. So we had visibility that this was coming in. We are not expecting any revenue to contribute this year on this deal. So none of the update on the guide reflects this deal coming in. We expect it to start to contribute into next year.

是的。沒問題。所以，是的，正如您所料，這筆交易已經醞釀了一段時間。因此，我們知道這一點即將到來。我們預計今年這筆交易不會帶來任何收入。因此，指南上的任何更新都沒有反映出這筆交易的到來。我們預計它將開始為明年做出貢獻。

We don't talk about the specific economics of any individual deal. I would just say it's certainly going to -- it's part of the guide for next year. We're not going to give specific guidance, but we are continuing to reiterate the 7% to 10% as our long-term guide, and we feel that this will help contribute to the guide into next year.

我們不談論任何個別交易的具體經濟效益。我只想說這肯定會成為明年指南的一部分。我們不會給出具體的指導，但我們將繼續重申 7% 到 10% 作為我們的長期指導，我們認為這將有助於為明年的指導做出貢獻。

Our next question comes from the line of Michael Funk of Bank of America. .

我們的下一個問題來自美國銀行的邁克爾·芬克。 。

First one, just on the longer-term revenue growth target of 7% to 10%. You provided that for some time, so thank you. But you're looking at the growth drivers in this quarter, you said 7 points cross-sell, upsell, 3 points new logos, and you gave incremental color on the 1 point -- sorry, more than 1 point for emerging solutions contributing to that. Just thinking about emerging solutions, the Estimate-STP, the larger TAM potential there, have you had discussions about increasing that longer-term growth target? And I guess, if not, why?

第一個，只是關於7%至10%的長期收入增長目標。您已經提供了一段時間，所以謝謝您。但是，您正在研究本季度的增長動力，您提到了 7 分交叉銷售、追加銷售、3 分新徽標，並且您在 1 分上提供了增量顏色 - 抱歉，新興解決方案貢獻超過 1 分那。想想新興的解決方案、估計 STP、更大的 TAM 潛力，您是否討論過提高長期增長目標？我想，如果不是，為什麼？

Yes, happy to take it. It's Brian. Yes. So the 7% to 10%, we set out as a long-term guide, one that we feel comfortable that we can deliver over time and do that at scale. We have been highlighting these emerging solutions and how they'll play into the guide. We do expect the emerging solutions to contribute within the guide. And so it gives us confidence that we can deliver the guidance over time.

是的，很高興接受。是布萊恩。是的。因此，我們將 7% 到 10% 作為長期指導，我們認為我們可以隨著時間的推移並大規模地實現這一目標。我們一直在強調這些新興解決方案以及它們將如何在指南中發揮作用。我們確實希望新興的解決方案能夠在該指南中做出貢獻。因此，這讓我們有信心能夠隨著時間的推移提供指導。

The way we framed it is we've said, over time, cross-sell, upsell will be 80% of the total growth, new logos will be 20% of the total growth and that these newer emerging solutions will make up about half of the 80%. So think about that, 3 to 4 points of growth will be coming from the emerging solutions.

我們的框架方式是，隨著時間的推移，交叉銷售、追加銷售將佔總增長的 80%，新徽標將佔總增長的 20%，而這些較新的解決方案將佔總增長的一半左右。 80%。所以想一想，3 到 4 個百分點的增長將來自新興的解決方案。

That said, we certainly think about our business as a broad set of solutions and have many opportunities to win and to grow the business. So again, we really think about this as how we think about the confidence of the guide and our ability to deliver it over time.

也就是說，我們當然將我們的業務視為一套廣泛的解決方案，並且有很多機會贏得和發展業務。再說一遍，我們確實將其視為我們如何看待指南的信心以及我們隨著時間的推移提供指南的能力。

Sure. And one more if I could. Last quarter, you gave some details on how you're thinking about deploying and rolling out Estimate-STP in a very deliberate fashion. Can you give us any more color on the road map for deployment? How should we think about scaling that deployment and potential for revenue ramp through Estimate-STP and other AI-related products?

當然。如果可以的話，再來一張。上個季度，您提供了一些關於如何以非常審慎的方式部署和推出 Estimate-STP 的詳細信息。您能為我們提供更多有關部署路線圖的信息嗎？我們應該如何考慮通過 Estimate-STP 和其他人工智能相關產品來擴展部署和收入增長潛力？

Sure. One thing that you might find interesting is that when we look at mobile and really Estimate-STP and AI on the self-service channel, we have customers who are using that capability at 90-plus percent of the time, and we have customers who are using that capability 5% of the time. So there's a wide range. And as different customers have different business models and different needs, we are seeing really 2 dimensions.

當然。您可能會發現有趣的一件事是，當我們著眼於移動並在自助服務渠道上真正估算 STP 和 AI 時，我們的客戶在 90% 以上的時間裡都在使用該功能，並且我們的客戶有5% 的時間使用該功能。所以範圍很廣。由於不同的客戶有不同的業務模式和不同的需求，我們看到的是真正的兩個維度。

One, more customers adopting these solutions as each week and each month goes by. Second, the customers that have adopted it are tuning, testing their processes to take advantage of these capabilities. They'll usually start in 1 state or 2 states or a group of states, and some customers are all the way up to 49 states, and some customers are at 1 or 2 states. And we have been very, very deliberate and thoughtful to make sure that the early experiences, the accuracy, all of that continues to be rock solid.

第一，隨著每周和每月越來越多的客戶採用這些解決方案。其次，採用它的客戶正在調整、測試他們的流程以利用這些功能。他們通常會從 1 個州或 2 個州或一組州開始，有些客戶一直到 49 個州，有些客戶則在 1 個或 2 個州。我們非常非常慎重和深思熟慮，以確保早期的經驗、準確性，所有這些都繼續堅如磐石。

And having delivered a lot of products to the industry over a very long period of time, maintaining an industry-leading NPS of 80 plus is super important to us. And so we think we feel good about how the first large -- as more and more clients continue to use it. So we think that will continue to move. And then I'm sure Brian would give you this answer, which is that we've included all of this in our guide of 7% to 10% when we gave you that guide.

在很長一段時間內向行業提供了大量產品，保持行業領先的 80 以上 NPS 對我們來說非常重要。因此，我們認為，隨著越來越多的客戶繼續使用它，我們對第一個大型產品的表現感到滿意。所以我們認為這將繼續發展。然後我確信 Brian 會給你這個答案，那就是當我們給你這個指南時，我們已經將所有這些都包含在 7% 到 10% 的指南中。

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泰勒·拉德克 (Tyler Radke)。

I wanted to ask you about the parts side of the business. You talked about how it's growing significantly faster than the overall CCC business. Just help us understand kind of the pathway to get to the $100 million-plus potential you referenced. Is that mostly existing products today? Or talk about kind of some new opportunities you're seeing? Obviously, a lot of talk around inflation in supply chains being potential catalysts, but maybe just expand a little bit more on how you see that opportunity playing out.

我想問你有關零件業務的問題。您談到了它的增長速度如何明顯快於整個 CCC 業務。請幫助我們了解實現您提到的 1 億美元以上潛力的途徑。這主要是當今現有的產品嗎？或者談談您看到的一些新機會？顯然，很多人都在談論供應鏈中的通貨膨脹是潛在的催化劑，但也許只是進一步擴展一下您如何看待這一機會。

Sure, Tyler. I'll give you a quick update, just from a macro standpoint, right? When you look at the number of dollars of parts that are ordered by the collision repair industry in the U.S., it's somewhere between $18 billion and $19 billion -- sorry, $18 billion and $19 billion. That's -- of parts that are ordered. And the other thing that you probably heard from an earlier stat is that the number of parts has gone from about 10.1 to about 13.1 over the last 4 years.

當然，泰勒。我會給你一個快速的更新，只是從宏觀的角度來看，對吧？如果你看看美國碰撞修復行業訂購的零件價值，就會發現它在 180 億美元到 190 億美元之間——抱歉，是 180 億美元到 190 億美元。那是訂購的零件。您可能從之前的統計數據中了解到的另一件事是，在過去 4 年裡，零件數量從大約 10.1 個增加到了大約 13.1 個。

So the number of parts are increasing. Supply chain complexity is increasing, especially as you add EVs and other things. And so therefore, if you really want to manage cycle time, understanding availability of parts in that particular geography, in a hyper local geography, let's say, I am in Macon, Georgia and I need to know the parts availability in that area for that vehicle on that particular day so I can make the right decisions about which parts to use, those decisions become increasingly complex and have an impact on cycle time as everyone is trying to reduce it.

因此零件數量不斷增加。供應鏈的複雜性正在增加，尤其是當你添加電動汽車和其他東西時。因此，如果您確實想管理週期時間，了解該特定地理位置（超本地地理位置）中零件的可用性，比方說，我在佐治亞州梅肯，我需要了解該地區的零件可用性車輛在特定的一天，這樣我就可以就使用哪些零件做出正確的決定，這些決定變得越來越複雜，並且對周期時間產生影響，因為每個人都在努力減少週期時間。

So we think we are roughly at about 15% adoption, 15% of GMV going through the CCC parts platform. We have a pretty broad network of parts providers, OEM providers. These are the car companies, aftermarket providers, including one we just extended a contract with. And what we're seeing with that is that with specific OEMs are running specific programs on the CCC platform. At the same time, our insurance customers are also very keen on having transparency into parts and the deployment of parts. So it's really a combination of that transparency between parts providers, car companies, repairers and insurers providing one common platform across the board.

因此，我們認為我們的採用率大約為 15%，其中 15% 的 GMV 通過 CCC 零部件平台。我們擁有相當廣泛的零部件供應商、OEM 供應商網絡。這些是汽車公司、售後市場提供商，包括我們剛剛與之續簽合同的公司。我們看到的是，特定的 OEM 正在 CCC 平台上運行特定的程序。與此同時，我們的保險客戶也非常希望零件和零件部署的透明度。因此，這實際上是零部件供應商、汽車公司、維修商和保險公司之間透明度的結合，提供了一個全面的通用平台。

So it does not involve us radically rebuilding or rethinking our parts solution but continuing to do extensions. And hence, what we did a couple of -- last year, if you remember, when we did the earnings call a few quarters ago, we kept saying we've added 20% development capacity. And that development capacity was deployed in a number of areas, including expanding and enhancing our parts operation. So it does not require a radical change in our approach and strategy, but more will come from increasing adoption from our customers.

因此，這並不涉及我們從根本上重建或重新思考我們的零件解決方案，而是繼續進行擴展。因此，我們去年做了一些事情，如果你還記得的話，當我們在幾個季度前召開財報電話會議時，我們一直說我們已經增加了 20% 的開發能力。這種開發能力被部署在許多領域，包括擴大和加強我們的零部件業務。因此，我們不需要對方法和策略進行根本性的改變，但更多的改變將來自我們客戶的不斷採用。

And Tyler, just to add to the point. It's Brian. Just on your market sizing math, we talked about the parts being about 5% of revenues, so say, $40 million, and as Githesh said, about 15% is running through our platform, so if you just extrapolate those 2 out, that's where you get the sizing of the opportunity.

泰勒補充一下。是布萊恩。就您的市場規模計算而言，我們討論過這些部件約佔收入的5%，也就是說，4000 萬美元，正如Githesh 所說，大約15% 是通過我們的平台運行的，所以如果您將這2 項推斷出來，那就是您可以了解機會的規模。

That's helpful framing. For a follow-up question, I just wanted to ask you about some of the highlights and momentum you've seen, just customer conversations post your user conference. You talked a lot about kind of the future of the industry, particularly as it relates to generative AI. How is your conversations with customers tracking? Anything you observed in terms of pipeline growth or deal activity post that event?

這是很有幫助的框架。對於後續問題，我只想問您一些您所看到的亮點和勢頭，只是用戶會議後的客戶對話。您談到了該行業的未來，特別是與生成人工智能相關的未來。您與客戶的對話跟踪情況如何？在那次活動之後，您在管道增長或交易活動方面觀察到了什麼？

Yes. So I would not say that there's been a substantial change other than, as I mentioned in the call, we have expanded the use of generative AI from self-service channel to other channels, for example, for staff, for repair facilities, and we expanded that capability to Casualty. So I would say, across the board, the interest level remains very high, and we've had tons of conversations since the conference, and a lot of the conversations tend to be around not why but how and when in terms of usage, deployment and the like.

是的。因此，我不會說發生了重大變化，只是正如我在電話中提到的那樣，我們已將生成式人工智能的使用從自助服務渠道擴展到其他渠道，例如，用於員工、維修設施，並且我們將這種能力擴展到傷亡人員。所以我想說，總的來說，人們的興趣水平仍然非常高，自會議以來我們進行了大量的對話，很多對話往往不是圍繞為什麼，而是圍繞如何以及何時使用、部署等等。

Our next question comes from the line of Jeremy Sahler of Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的傑里米·薩勒 (Jeremy Sahler)。

This is Jeremy on for Samad Samana. So first, another question on parts. So you guys recently announced that Toyota selected CCC Promote parts marketing to the U.S. dealerships. I guess, can you talk about maybe what is the uplift of a win like that? And kind of what are the economics when a customer chooses to add like that CCC Promote module?

我是薩馬德·薩馬納 (Samad Samana) 的傑里米 (Jeremy)。首先，關於零件的另一個問題。你們最近宣布丰田選擇 CCC 向美國經銷商推廣零部件營銷。我想，你能談談這樣一場胜利的提升是什麼嗎？當客戶選擇添加 CCC 促銷模塊時，經濟效益如何？

Sure. We -- first of all, we don't comment on any particular customer or the economics from any one customer. And so I'll give you kind of in a macro sense. So we have a number of OEMs that are actually customers on our platform. And what they do is that they make pricing, they provide simpler capabilities in terms of how their parts program can be more streamlined and adopted by repair facilities who are buying the parts and for insurance, so they might put packages together. So essentially, we work with all OEMs in some way, shape or form. And Toyota is one where we happen to actually make a formal announcement, but there are several others that we actually work with as well.

當然。首先，我們不會對任何特定客戶或任何一個客戶的經濟狀況發表評論。所以我會給你一些宏觀意義上的信息。因此，我們有許多原始設備製造商實際上是我們平台上的客戶。他們所做的就是定價，他們提供更簡單的功能，讓他們的零件計劃能夠更加簡化，並被購買零件和保險的維修機構採用，這樣他們就可以將包裹放在一起。因此，本質上，我們以某種方式與所有原始設備製造商合作。豐田是我們實際上發布正式公告的公司之一，但我們實際上也與其他幾家公司合作。

Okay. Got it. And then someone else mentioned, it's good to see that point of growth for emerging products. I guess how should we think about maybe the incremental investment required, whether that's kind of to develop these products further or to take them to market?

好的。知道了。然後其他人提到，很高興看到新興產品的增長點。我想我們應該如何考慮可能需要的增量投資，無論是進一步開發這些產品還是將它們推向市場？

Yes. I would say this is what we saw if you roll the clock back, I would say, 4 quarters, right? So if you roll the clock back 4 quarters, we start to see that we have some unique competitive advantages with generative AI, with the platform, with the network, and so we started increasing our development spend starting about 4 quarters ago and added 20% more capacity.

是的。我想說，如果你把時鐘撥回四個季度，這就是我們所看到的，對嗎？因此，如果你把時間撥回 4 個季度，我們開始看到我們在生成式 AI、平台和網絡方面擁有一些獨特的競爭優勢，因此我們從大約 4 個季度前開始增加開發支出，增加了 20%更多容量。

And the beauty of that is a lot of those people are now up to speed, contributing very productively. And so this capability is being applied in really a whole range of areas, for example, in Subrogation, in Diagnostics, in broader STP, in Casualty. So we're really starting to see that ability come on stream.

這樣做的好處是，很多人現在都跟上了進度，做出了非常富有成效的貢獻。因此，這種能力實際上被應用於各個領域，例如代位求償、診斷、更廣泛的 STP 和傷亡。所以我們真的開始看到這種能力開始發揮作用。

And if you look at second half of the year, the goal is not to add that kind of capacity because we now need to digest and make sure these releases are being used by customers and tested and the like. And we feel very good about the capacity and the capability we have.

如果你看看今年下半年，目標不是增加這種容量，因為我們現在需要消化並確保這些版本正在被客戶使用和測試等。我們對我們擁有的能力和能力感到非常滿意。

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

我們的下一個問題來自 CJS 證券的 Chris Moore。

So Githesh, you had mentioned this in your prepared remarks and touched on it a few times also. But you talked about the CCC expanding the use case for Estimate-STP's AI-based computer vision technology into the repair facility, field adjuster channels. Can you maybe talk a little bit more about how that works and how soon products would actually come to market there?

Githesh，你在準備好的發言中提到了這一點，並且也多次提到過它。但您談到 CCC 將 Estimate-STP 基於人工智能的計算機視覺技術的用例擴展到維修設施、現場調節器渠道。您能否多談談它是如何運作的以及產品多久才能真正進入市場？

Sure. I would say we are in testing in all of those markets. So this is -- that's where we are. We've done a fair amount of work in these areas. And the way it would come to market is that, for staff adjusters, that would essentially be a package or a component to be added inside of insurance -- components that insurance customers are buying. And then on the repair facility side, we haven't fully sorted out exactly from a revenue model, but it would be included in some one of our repair packages.

當然。我想說我們正在所有這些市場進行測試。所以這就是我們現在的處境。我們在這些領域做了相當多的工作。它進入市場的方式是，對於工作人員理算員來說，這本質上是一個軟件包或一個要添加到保險內部的組件——保險客戶正在購買的組件。然後在維修設施方面，我們還沒有完全從收入模式中完全理清，但它會包含在我們的某些維修包中。

But more fundamentally, though, what we're excited about is that there's a huge shortage of estimators and staff on the repair facility side of the business. And what customers are super excited about is the ability for the AI to take consumer photos and generate a predictive estimate, so someone can look at it and see, "Hey, do I have capacity to take this car in? Can I schedule it?" It provides a lot of downstream benefits, and it's also integrated deep inside the CCC ONE platform. And we probably end up -- so that's really how we see it from a deployment standpoint. Does that answer your questions, Chris?

但更根本的是，我們感到興奮的是，維修設施方面的估算員和工作人員嚴重短缺。令客戶超級興奮的是人工智能能夠拍攝消費者照片並生成預測估計，這樣人們就可以查看它並了解，“嘿，我有能力開進這輛車嗎？我可以安排它嗎？ ”它提供了許多下游優勢，並且還深入集成到 CCC ONE 平台內部。我們最終可能會這樣——所以這就是我們從部署的角度來看它的方式。這能回答你的問題嗎，克里斯？

Yes. Got it. No, it does. That's perfect. Yes, most of my others were answered. I will leave it there.

是的。知道了。不，確實如此。那很完美。是的，我的大多數其他人都得到了回答。我會把它留在那裡。

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。

A question on the parts procurement business. What -- who drives the adoption of using an electronic means of ordering parts? Does that come from the insurance companies kind of demanding that it be done? Or you're just having a better mousetrap for the repair facilities to order parts in a more efficient pace?

關於零部件採購業務的問題。誰推動採用電子方式訂購零件？這是保險公司要求這樣做的嗎？或者您只是為維修設施準備了一個更好的捕鼠器，以便以更高效的速度訂購零件？

I would say fundamentally, it's from our repair customers. So it's really the repair facilities who are ordering the parts. You have to remember, insurance companies do not order parts. It's the repair facilities that, in the process of repairing a vehicle, the parts list is generated by the estimate. So when you have an estimate coming out of CCC ONE that says, "Hey, these are the 13.1 parts -- or the specific parts list I need." And then you can from -- because it's integrated into CCC ONE, you can go click, click, click, choose your provider, your supplier.

我想說，從根本上來說，這是來自我們的維修客戶。所以實際上是修理廠在訂購零件。您必須記住，保險公司不訂購零件。就是維修設施，在維修車輛的過程中，通過估算生成零件清單。因此，當您從 CCC ONE 獲得估算結果時，會說：“嘿，這些是 13.1 零件，或者是我需要的具體零件清單。”然後您可以——因為它已集成到 CCC ONE 中，您可以點擊、點擊、點擊，選擇您的提供商、您的供應商。

Again, we're not dictating any of those mechanisms. The repair facility is setting up their favorite providers, their parts participants. They're making the selection. What we're doing is streamlining the entire process and the accuracy of getting the right part into the repair facility, getting the electronic invoice from the parts provider, reconciling that into their system. Those are the things we're doing. So I guess, simple answer to your question is having a very clean, easy-to-use solution, which provides big benefits to the repair facility market mix is really what drives this.

再次強調，我們並沒有規定任何這些機制。維修機構正在設立他們最喜歡的供應商，他們的零件參與者。他們正在做出選擇。我們正在做的是簡化整個流程，提高將正確零件送入維修設施的準確性，從零件供應商處獲取電子發票，並將其與他們的系統進行核對。這些就是我們正在做的事情。所以我想，對你的問題的簡單回答是擁有一個非常乾淨、易於使用的解決方案，它為維修設施市場組合提供了巨大的好處，這才是推動這一趨勢的真正原因。

So in the repair shops or entities that I've been in, I mean, there's -- as you say, there's a lot of this done on the phone. Does your system electronically have the ability to -- with artificial intelligence, to say, if a car takes a hit on the right front quarter panel, you're going to need a right front quarter panel, but 90% of the time, you may need a sensor or something? Can it automatically recommend that and say, "Hey, would you need a sensor for this?" Trying to increase the total value of the order?

因此，在我去過的維修店或實體中，我的意思是，正如你所說，有很多這樣的事情都是通過手機完成的。你的電子系統是否有能力——用人工智能來說，如果一輛汽車的右前四分之一面板受到撞擊，你將需要一個右前四分之一面板，但 90% 的情況下，你可能需要傳感器什麼的？它可以自動推薦並說：“嘿，你需要一個傳感器嗎？”試圖增加訂單的總價值？

Well, again, our focus is not to increase the total value of the order. Our focus is to get it as accurate as possible. So to that degree, what we do is we take pictures of the vehicle. And because we have millions and -- literally hundreds and hundreds of millions of photos, prior accidents and estimates and the like, we can actually look at this front right hit of this particular vehicle and say, with this level of depth of damage, we also have 3D mapping and the like, so we can tell how deep the damage is and actually predict a lot of the parts pretty accurately.

好吧，再說一遍，我們的重點不是增加訂單的總價值。我們的重點是使其盡可能準確。因此，從這個意義上說，我們所做的就是給車輛拍照。因為我們有數以百萬計的照片、之前的事故和估計等，我們實際上可以看到這輛特定車輛的右前方撞擊，並說，由於損壞的深度，我們還有3D 映射等，因此我們可以判斷損壞有多深，並且實際上可以非常準確地預測很多部件。

And oftentimes, there are minor parts -- you might be missing a $0.50 clip. You might be missing 6 clips, which might be a total of $3 out of a $5,000 repair, and that could delay the repair by days. So getting some of -- more of that completeness can actually have a big difference. So we are able to do that. But right now, that capability is not deployed. That is what I talked about estimate-STP being deployed down the road or that's what we're testing to deploy it with our repair facility customers.

通常，會有一些小部件 - 您可能會丟失 0.50 美元的剪輯。您可能缺少 6 個剪輯，這可能相當於 5,000 美元的維修費用中的 3 美元，並且可能會延遲幾天的維修。因此，獲得更多的完整性實際上會產生很大的不同。所以我們能夠做到這一點。但目前，該功能尚未部署。這就是我所說的估計 STP 正在部署的內容，或者這就是我們正在測試與我們的維修設施客戶一起部署它的內容。

Our next question comes from Arvind Ramnani of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Arvind Ramnani。

Most of my questions have been asked, but I want to follow up on some of the color you gave on AI and some of the kind of areas you're using it. From a financial model perspective, where are you starting to see some of those benefits? Is it like already kind of improving your revenue growth or your margins? Or is that still something that's probably like a year or 2 out before we start to see material improvement?

我的大部分問題都被問到了，但我想跟進一下你們對人工智能的一些看法以及你們正在使用人工智能的一些領域。從財務模型的角度來看，您從哪裡開始看到其中的一些好處？您的收入增長或利潤率是否已經有所提高？或者說，在我們開始看到實質性改進之前，這仍然是可能需要一兩年的時間嗎？

Brian, do you want to take that one?

布萊恩，你想買那個嗎？

Yes, absolutely. Where we're seeing it, Estimate-STP is an example where AI is in production being used in generating revenue today. So that's an example of AI being used and getting rolled out. And we've talked about Estimate-STP and how it's contributing to growth. It's one of our emerging solutions. We highlighted emerging solutions contributed 1 point of growth in the quarter. So that's one example where we're driving -- that is being rolled out, used by clients and generating revenue.

是的，一點沒錯。我們看到的 Estimate-STP 是人工智能在生產中被用於當今創收的一個例子。這就是人工智能被使用和推廣的一個例子。我們已經討論了估算 STP 以及它如何促進增長。這是我們新興的解決方案之一。我們強調新興解決方案在本季度貢獻了 1 個百分點的增長。這就是我們正在推動的一個例子——它正在被推出、被客戶使用並產生收入。

When we think about the other AI examples, Githesh referenced the Casualty example in his prepared remarks. Again, that will be a revenue-generating solution, and other products like Subrogation will be using AI or have AI embedded as well, another area of revenue generation. So revenue will be the solution rollout and revenue generation will really be the driver for AI going forward.

當我們思考其他人工智能示例時，吉西什在他準備好的評論中引用了傷亡示例。同樣，這將是一個創收解決方案，代位權等其他產品將使用人工智能或嵌入人工智能，這是創收的另一個領域。因此，收入將成為解決方案的推出，而收入的產生將真正成為人工智能未來發展的驅動力。

Great. And just if I can follow up on that. These are sort of direct kind of contributors. Is there sort of an indirect contributor that sort of informs your win rates or conversion rates or ability to kind of keep your rates -- your bill rates at a particular level? I mean I know that may be hard to sort of fully quantify, but are you starting to see some of those benefits, even qualitatively, that these kind of innovative solutions are driving conversions?

偉大的。如果我能跟進的話。這些是直接的貢獻者。是否有某種間接貢獻者可以通知您的獲勝率或轉化率或將您的費率（您的賬單費率）保持在特定水平的能力？我的意思是，我知道這可能很難完全量化，但您是否開始看到其中一些好處，甚至是定性的，這些創新解決方案正在推動轉化？

Yes. I'll just make one macro point, which is we've worked with our customers for a very long period of time, right? If I look back at just the 10 quarters that we've been public, 10 quarters, we've added solutions to our existing customer base on a pretty wide variety of fronts. Revenue in the last 10 quarters has gone from a run rate of about $632 million to a run rate of about $848 million, which is an increase of about $200-plus million. EBITDA has increased by -- from 220 run rate to about 320-plus in run rate.

是的。我只講一個宏觀的觀點，就是我們與客戶合作了很長一段時間，對吧？如果我回顧一下我們上市的 10 個季度，這 10 個季度，我們已經在相當廣泛的領域為現有客戶群添加了解決方案。過去 10 個季度的收入從約 6.32 億美元的運行率增加到約 8.48 億美元，增加了約 2 億多美元。 EBITDA 增加了——從運行率 220 增加到約 320 以上。

And this has come about not from any one particular solution or any particular modeling, but the fact that we've delivered new products, solutions, innovations with very specific ROI to different components of the process for insurance and for different components of the process for repair facility, different components of the process for parts providers.

這並不是來自任何一種特定的解決方案或任何特定的模型，而是事實，我們已經為保險流程的不同組成部分以及保險流程的不同組成部分提供了具有非常具體的投資回報率的新產品、解決方案和創新。維修設施、零件供應商流程的不同組成部分。

So at this stage, it's really a portfolio and a mix of what we have and in things like subro, we're doing things that are fundamentally new and first of its kind that are very, very unique, and we're seeing a lot of engagement. So Arvind, it's hard to give that particularly quantified answer other than we have a long track record, even just the 10 quarters that you've seen in our public numbers, our growth has come primarily through new products and introducing solutions that deliver benefits to customers.

所以在這個階段，它實際上是一個投資組合，是我們所擁有的東西的組合，在像subro 這樣的東西中，我們正在做一些全新的事情，並且是同類中的第一個，非常非常獨特，我們看到了很多參與度。因此，Arvind，除了我們擁有悠久的業績記錄之外，很難給出特別量化的答案，即使只是您在我們的公眾號中看到的10 個季度，我們的增長主要來自於新產品和推出可為客戶帶來好處的解決方案。顧客。

At this time, I am seeing no further questions. So at this time, I would now like to turn it back to management for closing remarks.

目前，我沒有看到任何其他問題。所以現在我想把它轉回給管理層做總結髮言。

Well, thank you all for joining us today. 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 also helping our customers and keep investing in future solutions.

好的，謝謝大家今天加入我們。我們業務模式的持久性不斷顯現，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繼續投資於未來的解決方案。

This week marks our 2-year anniversary of returning to the public markets, a very interesting milestone in our journey as a public company. And most important, I'd like to take this opportunity to thank, first and foremost, our customers, for their tremendous trust that they place in CCC every single day. I also want to thank the CCC team for tremendous execution and dedication. And of course, last but not least, I'd like to thank our shareholders for your ongoing trust in CCC.

本周是我們重返公開市場兩週年紀念日，這是我們作為上市公司歷程中非常有趣的里程碑。最重要的是，我想藉此機會首先感謝我們的客戶，感謝他們每天對 CCC 的巨大信任。我還要感謝 CCC 團隊的出色執行力和奉獻精神。當然，最後但並非最不重要的一點是，我要感謝我們的股東對 CCC 的持續信任。

We look forward to talking to you again in early November when we report our third quarter results. Thank you so much for continuing to trust what we do.

我們期待在 11 月初報告第三季度業績時再次與您交談。非常感謝您繼續信任我們的工作。

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。這確實結束了該程序。您現在可以斷開連接。