CCC Intelligent Solutions Holdings Inc (CCC) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the CCC Intelligent Solutions second-quarter fiscal 2024 earnings conference 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 智慧解決方案 2024 財政年度第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的發言人、投資者關係副總裁比爾沃明頓 (Bill Warmington)。請繼續，先生。

Thank you, operator. Good afternoon, and thank you all for joining us today to review CCC's second-quarter 2024 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，接線生。下午好，感謝大家今天與我們一起回顧 CCC 2024 年第二季財務業績，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 董事長兼執行長 Githesh Ramamurthy；以及 CCC 財務長 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 2023 Annual Report on Form 10-K filed with the SEC.

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 2023 年年度報告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 Incorporated. Any recording or retransmission or reproduction or other use of the same for profit or otherwise without prior consent to CCC is prohibited and a violation of United States copyright and other laws. Additionally, while we will provide a transcript of portions of this call, and we have approved the publishing of a transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in the transcripts.

此外，這些評論和隨後的問答今天的版權歸 CCC 智慧解決方案控股公司所有。未經 CCC 事先同意，禁止以營利或其他方式錄製、轉播、複製或以其他方式使用該內容，否則將違反美國版權法和其他法律。此外，雖然我們將提供本次通話的部分文字記錄，並且我們已批准第三方發布本次通話的文字記錄，但我們對文字記錄中可能出現的不準確之處不承擔任何責任。

Please note that the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the company's financial condition and results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website.

請注意，今天電話會議的討論包括 SEC 定義的某些非 GAAP 財務指標。該公司相信，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資訊。我們的投資人關係網站上發布的收益報告中提供了 GAAP 與非 GAAP 衡量標準的調整表。

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

謝謝。我現在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. In the second quarter of 2024, total revenue was $233 million, up 10% year over year and ahead of our guidance range. Adjusted EBITDA was $96 million, up 18% over the last year and also ahead of our guidance range. Our adjusted EBITDA margin was 41%.

謝謝你，比爾，也謝謝大家今天加入我們。我很高興地報告，CCC 又一個季度實現了強勁的營收和淨利潤業績。2024 年第二季度，總營收為 2.33 億美元，年增 10%，超出我們的指導範圍。調整後 EBITDA 為 9,600 萬美元，比去年增長 18%，也高於我們的指導範圍。我們調整後的 EBITDA 利潤率為 41%。

On today's call, I would like to highlight three themes that underpin how we are helping our customers usher in a generational change in operating performance. The first is CCC's durable business model. The second is our innovation engine, which at its core, has created over 300 unique AI models. And the third is a view into the pace of adoption as customers transitioned to this next generation of CCC solutions.

在今天的電話會議上，我想強調三個主題，這些主題支撐著我們如何幫助客戶迎來營運績效的世代變革。首先是CCC持久的商業模式。第二個是我們的創新引擎，其核心創造了300多個獨特的人工智慧模型。第三個是了解客戶過渡到下一代 CCC 解決方案時的採用速度。

My first topic is CCC's durable business model. Our solid financial performance in Q2 was a result of continued new business wins, renewals, and contract expansions. We also completed the successful on-schedule rollout of our full suite of auto physical damage or APD solutions for a top-20 insurer as they transition from multiple vendors to the CCC platform.

我的第一個話題是CCC的持久商業模式。我們第二季穩健的財務表現得益於持續的新業務贏得、續約和合約擴展。我們還成功按計劃為一家排名前 20 的保險公司推出了全套汽車物理損壞或 APD 解決方案，幫助他們從多個供應商過渡到 CCC 平台。

In our insurance business, the first half of this year has seen us renew multiple clients at a number of new logos and cross sell a variety of incremental products across our customer base. We've also added over 600 new repair facilities so far in 2024. This growth pushed us across a major milestone. We now have over 30,000 repair facilities on the CCC platform.

在我們的保險業務中，今年上半年我們以多個新標誌續簽了多個客戶，並在我們的客戶群中交叉銷售了各種增量產品。2024 年到目前為止，我們還新增了 600 多個維修設施。這種成長推動我們跨越了一個重要的里程碑。目前，我們在 CCC 平台上擁有超過 30,000 個維修設施。

Our diverse customer base, broad range of mission-critical solutions and growing multi-site network have helped create a business model that has both revenue predictability and margin expansion. This balanced profile has served us well as we continue to invest in AI-enabled innovation. Because of the deep decade-plus experience we have in building AI solutions, we have an infrastructure and development model that provides tremendous scale and efficiency as customer volumes ramp.

我們多元化的客戶群、廣泛的關鍵任務解決方案和不斷發展的多站點網路幫助創建了一種既具有收入可預測性又具有利潤擴展的業務模式。隨著我們繼續投資人工智慧創新，這種平衡的形象對我們很有幫助。由於我們在建立人工智慧解決方案方面擁有十多年的深厚經驗，我們擁有一個基礎設施和開發模型，可以隨著客戶數量的增加提供巨大的規模和效率。

To date, our customers have processed tens of millions of unique claims using a CCC AI-enabled solution, and the economic profile of these AI solutions is similar to the rest of our SaaS portfolio. We believe the scale and efficiency of our AI deployment model will be a significant competitive and economic advantage in the future.

迄今為止，我們的客戶已使用 CCC AI 支援的解決方案處理了數千萬個獨特的索賠，這些 AI 解決方案的經濟狀況與我們的 SaaS 產品組合的其他產品類似。我們相信，我們的人工智慧部署模型的規模和效率將在未來成為顯著的競爭和經濟優勢。

At the foundation of our durable business model is the deep trust our customers place in us to help them solve their most pressing business problems. We believe that delivering top-tier day-to-day performance, coupled with a vision and tangible pathway to innovation is the best way to build lasting relationships with customers. These principles have served us well for decades and are the key enablers to our 99% GDR and industry-leading Net Promoter Score of 83.

我們持久的商業模式的基礎是客戶對我們的深刻信任，我們可以幫助他們解決最迫切的業務問題。我們相信，提供頂級的日常績效，加上願景和切實的創新途徑，是與客戶建立持久關係的最佳方式。這些原則幾十年來一直為我們提供良好服務，是我們實現 99% GDR 和業界領先的 83 分淨推薦值的關鍵推動力。

A hallmark of our customer-focused culture is our ability to understand our customers' pain points and to design, develop, and implement new solutions that address tangible problems they are facing across their businesses. While the amount of time it takes for different solutions to gain critical mass can vary, we have consistently found that demonstrable value delivery is the key to achieving successful launches with long runways for growth. And while this can sometimes make quarter-to-quarter predictions on the adoption of new solutions challenging, our conviction around tangible product ROI is what gives us the confidence to invest in game-changing solutions over the long term. And that is precisely what we're seeing across our portfolio of innovation.

我們以客戶為中心的文化的一個標誌是我們能夠了解客戶的痛點，並設計、開發和實施新的解決方案來解決他們在業務中面臨的實際問題。雖然不同的解決方案獲得臨界品質所需的時間可能有所不同，但我們始終發現，可證明的價值交付是實現成功發布和長期成長的關鍵。雖然這有時會使採用新解決方案的季度預測變得具有挑戰性，但我們對有形產品投資回報率的信念使我們有信心長期投資改變遊戲規則的解決方案。這正是我們在創新產品組合中所看到的。

This leads me to my second topic: innovation. As we approach the $1 billion mark in annual revenue, it is important to note that almost all of this growth has come from innovation, innovation that substantially improved operating performance for our customer segments. As we look forward, we believe that our investments over the last three years have created an exciting pipeline of new solutions with greater breadth and depth than at any time in our history. And critically, this portfolio of innovation is not meant to deliver modest, incremental improvements to customers.

這引出了我的第二個主題：創新。當我們的年收入接近 10 億美元大關時，值得注意的是，幾乎所有成長都來自創新，這些創新大大提高了我們客戶群的營運績效。展望未來，我們相信過去三年的投資創造了一系列令人興奮的新解決方案，其廣度和深度比我們歷史上任何時候都更大。至關重要的是，這項創新組合併不是為了向客戶提供適度的漸進式改進。

We believe our solutions are transformational for them. And over many years, we have found that laying the foundation for transformational change yields decade's long runways for growth. A good example of this is the evolution of our automotive repair platform, CCC ONE, which today contributes over $400 million in annual revenue. Leveraging the power of cloud computing, we used the launch of CCC ONE to reinvent estimating and shop management and overtime have added a series of industry-leading innovations to a platform that serves everyone from single-store independents to the largest multi-store operators.

我們相信我們的解決方案對他們來說是變革性的。多年來，我們發現，為轉型變革奠定基礎可以帶來長達十年的長期成長。一個很好的例子是我們的汽車維修平台 CCC ONE 的發展，如今該平台的年收入超過 4 億美元。借助雲端運算的力量，我們利用CCC ONE 的推出來徹底改造估算和商店管理，而Overtime 為平台添加了一系列行業領先的創新，為從單店獨立經營者到最大的多店運營商的所有人提供服務。

Our state-of-the-art CCC ONE platform has pushed thousands of software releases over the past decade and is now the trusted operating system for more than 30,000 collision repair facilities across the United States. The CCC ONE platform is the gateway to estimating, parts ordering, repair management, diagnostics, customer communications and much more.

我們最先進的 CCC ONE 平台在過去十年中已發布了數千個軟體版本，現已成為美國 30,000 多個碰撞修復設施值得信賴的作業系統。CCC ONE 平台是進行評估、零件訂購、維修管理、診斷、客戶溝通等的入口。

Today, we see our decade-plus investments in AI enabling an even larger growth opportunity across the broader P&C insurance economy. While each of our customers is different, they share a common challenge in managing the rapidly increasing complexity that has become the norm in this industry, and CCC is leading the way in investing to address this challenge. Over the past decade, we have invested over $1 billion in R&D, including about $150 million in 2023 and 17% of year-to-date 2024 revenue develop new high-ROI solutions for our customers. And we work closely with our clients to help them rapidly integrate our new innovations and also navigate the change management that is sometimes needed to fully realize the benefits of these powerful innovations.

今天，我們看到我們在人工智慧方面十多年的投資為更廣泛的財產和意外保險經濟帶來了更大的成長機會。雖然我們的每位客戶都各不相同，但他們在管理迅速增加的複雜性方面面臨著共同的挑戰，這種複雜性已成為該行業的常態，而 CCC 正在引領投資以應對這一挑戰。過去十年，我們在研發方面投入了超過 10 億美元，其中 2023 年投入約 1.5 億美元，2024 年迄今營收的 17% 為客戶開發新的高投資報酬率解決方案。我們與客戶密切合作，幫助他們快速整合我們的新創新，並引導有時需要的變革管理，以充分實現這些強大創新的優勢。

For example, in November 2021, we deployed Estimate-STP, the world's first production AI that can pre-populate on qualified repairable vehicles, a full, line-level estimate from a photo in seconds. And today, we have over 30 insurers using this solution. While volume from revenue-generating clients in production is still just 3% of annual claims, through our deep engagement model, we have helped one top-10 carrier be on track to process nearly 20% of their repairable claims on a run-rate basis through this technology. AI is now embedded in a wide variety of solutions across the entire CCC portfolio from AI-enabled insurance solutions like First Look, Intelligent Reinspection, Impact Dynamics, and Subrogation to repair-focused solutions like Repair Cost Predictor, and Mobile Jumpstart.

例如，2021 年11 月，我們部署了Estimate-STP，這是世界上第一個生產型人工智慧，可以在合格的可修復車輛上預先填充，在幾秒鐘內根據照片進行完整的線路級估計。如今，我們有超過 30 家保險公司使用此解決方案。雖然來自生產中的創收客戶的數量仍僅佔年度索賠的 3%，但透過我們的深度參與模式，我們已幫助一家排名前 10 的承運商按運行率處理近 20% 的可修復索賠通過這項技術。人工智慧現已嵌入整個CCC 產品組合的各種解決方案中，從支援人工智慧的保險解決方案（如First Look、智慧重新檢查、影響動力學和代位求償）到以維修為中心的解決方案（如維修成本預測器和行動Jumpstart）。

The recently introduced CCC Intelligent Experience Cloud or IX Cloud, for short, is designed to accelerate our customers' digital transformation journey in a way that is purpose-built to solve for the inherent complexity of the P&C insurance economy. The IX Cloud overlays a new event-driven architecture onto CCC's existing cloud applications, customer workflows, and customer and partner systems. This microservices-based approach is designed to make it faster and easier for customers to deploy new CCC solutions and will also increase the number of ways customers can use multiple CCC solutions together.

最近推出的 CCC 智慧體驗雲端（簡稱 IX Cloud）旨在加速客戶的數位轉型之旅，專門解決財產和意外保險經濟固有的複雜性。IX Cloud 將新的事件驅動架構覆蓋到 CCC 現有的雲端應用程式、客戶工作流程以及客戶和合作夥伴系統。這種基於微服務的方法旨在讓客戶更快、更輕鬆地部署新的 CCC 解決方案，並且還將增加客戶同時使用多個 CCC 解決方案的方式數量。

Tens of billions of dollars are wasted annually across the P&C insurance economy due to administrative inefficiency, unnecessary delays, and other forms of leakage. The IX Cloud provides a step-level change to address this inefficiency.

由於管理效率低下、不必要的延誤和其他形式的洩漏，整個財產和意外保險經濟每年浪費數百億美元。IX Cloud 提供了逐步變更來解決這種低效率問題。

Another important point of validation for our product portfolio was our recent annual customer conference in Atlanta this past May. We heard firsthand from more than 300 customers representing insurers, repair facilities, parts providers, automotive OEMs, and other members of CCC's multi-sided network. We also had representatives from across the 200 partners in the CCC ecosystem sharing how the IX Cloud platform can help customers extend into new areas.

驗證我們產品組合的另一個重要點是我們最近於今年五月在亞特蘭大舉行的年度客戶會議。我們聽取了代表保險公司、維修機構、零件供應商、汽車原始設備製造商以及 CCC 多邊網路其他成員的 300 多家客戶的第一手資料。我們也有來自 CCC 生態系統中 200 家合作夥伴的代表，分享了 IX Cloud 平台如何幫助客戶拓展新領域。

The positive feedback we received from our product demos reinforced our confidence in the investments we're making, and I thought I would discuss two of the exciting innovations we showed. The first of these is CCC Intelligent Reinspection, which continues the AI theme I noted earlier.

我們從產品演示中收到的正面回饋增強了我們對正在進行的投資的信心，我想我應該討論我們展示的兩個令人興奮的創新。第一個是 CCC 智慧複檢，它延續了我之前提到的人工智慧主題。

Insurers receive millions of shop-written estimates each year, and while we have several tools in place to make the review of those estimates more efficient, the added complexity of vehicles requires step-change solutions to make this process as seamless as possible. With Intelligent Reinspection, AI helps insurers prioritize the review by flagging the specific individual line items that fall outside the normal rules so they can quickly engage with the shop and resolve the claim.

保險公司每年都會收到數以百萬計的車間書面估算，雖然我們有多種工具可以更有效地審查這些估算，但車輛複雜性的增加需要逐步改變解決方案，以使這一過程盡可能無縫。透過智慧重新檢查，人工智慧可以透過標記不符合正常規則的特定單一項目來幫助保險公司確定審查的優先順序，以便他們可以快速與商店聯繫並解決索賠。

The second is CCC Build Sheets. Vehicle complexity has gotten to a point where the number of possible replacement part options is negatively impacting ordering accuracy. Take a driver side mirror as an example. 10 years ago, all you have to worry about was paint color. Today, the matrix of choices include heated versus unheated, paint color versus chrome, auto-folding, blind-spot detection, 360-degree-view camera. This creates dozens of possible combinations.

第二個是 CCC 建置表。車輛的複雜性已經達到了這樣的程度，可能的替換零件選項的數量會對訂購準確性產生負面影響。以駕駛側後視鏡為例。 10 年前，您只需擔心油漆顏色。如今，選擇矩陣包括加熱與不加熱、油漆顏色與鍍鉻、自動折疊、盲點檢測、360 度視角攝影機。這創造了數十種可能的組合。

Build Sheets denote the exact factory-installed options on an individual vehicle as manufactured and having access to them during estimate creation means an estimator can accurately filter to the correct replacement part from potentially dozens of available versions of that part for the exact model and make of the vehicle being repaired. We recently launched CCC Build Sheets as an add-on for CCC ONE customers, so they can have this data online while they are writing the estimates. That means fewer part returns, fewer supplements, and reduced cycle times, because the repair facility is writing a more accurate estimate the first time. Both of these solutions have been getting strong early interest from customers.

建造表表示製造時在單一車輛上安裝的確切工廠選項，並且在估算創建期間可以訪問它們意味著估算人員可以從該零件的潛在數十個可用版本中準確篩選出正確的替換零件，以獲取確切的型號和製造商正在修理的車輛。我們最近為 CCC ONE 客戶推出了 CCC 建立表格作為附加元件，以便他們在編寫估算時可以在線上取得這些資料。這意味著更少的零件退貨、更少的補充以及更短的周期時間，因為維修機構在第一次就編寫了更準確的估算。這兩種解決方案早期都引起了客戶的強烈興趣。

My third and final topic is the adoption of CCC solutions. We continue to see strong demand for our solutions across our customer base, including high levels of customer engagement and pilots for new solutions. But we're also seeing the duration of pilot conversion for our emerging solutions take longer than anticipated to convert into in-year revenue.

我的第三個也是最後一個主題是 CCC 解決方案的採用。我們繼續看到客戶群對我們的解決方案的強勁需求，包括高水準的客戶參與和新解決方案的試點。但我們也發現，新興解決方案的試點轉換持續時間比預期要長，才能轉化為年內收入。

Last year, emerging solutions contributed about 1 point to revenue growth. And in our Q4 earnings call, we discussed our expectation that emerging solutions would contribute 2 points of growth in 2024. We now expect emerging solutions to continue to contribute about 1 point of growth in 2024 with growth contributions of these solutions playing out more materially in 2025.

去年，新興解決方案為營收成長貢獻了約 1 個百分點。在我們的第四季財報電話會議中，我們討論了新興解決方案將在 2024 年貢獻 2 個百分點的成長的預期。我們現在預計新興解決方案將在 2024 年繼續貢獻約 1 個百分點的成長，而這些解決方案的成長貢獻將在 2025 年發揮更大作用。

Our confidence in the long-term opportunity from these solutions is based on strong engagement we are having with customers and the value delivery that we see from early results. Each of our emerging solutions is being evaluated by multiple top-10 insurers. And nearly all of our top-20 insurance accounts are piloting and or evaluating one or more of these products.

我們對這些解決方案帶來的長期機會的信心是基於我們與客戶的密切互動以及我們從早期結果中看到的價值交付。我們的每一個新興解決方案都正在接受多家排名前 10 的保險公司的評估。我們幾乎所有排名前 20 名的保險帳戶都在試用和/或評估其中一種或多種產品。

Live contracted customers are also experiencing significant positive impacts to performance. Within subrogation, for example, we now have double-digit contracted customers using one or more solutions with tens of millions of dollars of impact already realized from using our recently introduced inbound subrogation solution alone, with many more customers in active pilots.

即時簽約客戶的業績也受到了顯著的正面影響。例如，在代位求償方面，我們現在有兩位數的合約客戶使用一種或多種解決方案，僅使用我們最近推出的入境代位解決方案就已經實現了數千萬美元的影響，還有更多的客戶處於活躍的試點中。

We're also seeing continued progress in adoption for Estimate-STP and Diagnostics Workflow. Though, in aggregate, the rate at which these new solutions contribute to in-year revenue has been slower than anticipated as customers have pursued larger-than-expected change management activities aimed at fully maximizing the value of a newer, more transformative solutions at scale.

我們也看到估計 STP 和診斷工作流程的採用不斷取得進展。不過，總的來說，這些新解決方案對年內收入的貢獻率低於預期，因為客戶追求的變革管理活動超出預期，旨在大規模地充分最大化更新、更具變革性的解決方案的價值。

In my 30-plus years at CCC, the most exciting growth opportunities have always come on the cusp of a transformational industry change. I believe we were in a similar place today, except that the number of solutions and the transformational nature of these solutions is the greatest I have ever seen. We are investing accordingly to capitalize on this generational opportunity and are confident in our position as our customers' trusted partner of choice to help them navigate this journey. We believe doing so will deliver substantial benefits to our customers and also allow us to deliver against our strategic and financial objectives for the near and long term.

在 CCC 的 30 多年裡，最令人興奮的成長機會總是出現在產業變革的風口浪尖。我相信我們今天也處於類似的境地，只不過解決方案的數量和這些解決方案的變革性是我所見過的最多的。我們正在相應地進行投資，以利用這一代人的機會，並對我們作為客戶值得信賴的首選合作夥伴的地位充滿信心，以幫助他們渡過這一旅程。我們相信，這樣做將為我們的客戶帶來巨大的利益，並使我們能夠實現近期和長期的策略和財務目標。

I'll 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 has highlighted, we are seeing strong innovation and client engagement across our solutions set. We are pleased with our top- and bottom-line performance, which reflects a balance between investment in our growth initiatives and ongoing margin discipline.

謝謝，吉瑟斯。正如 Githesh 所強調的那樣，我們在我們的解決方案中看到了強大的創新和客戶參與。我們對我們的營收和利潤表現感到滿意，這反映了我們的成長計畫投資與持續的利潤紀律之間的平衡。

Now as we turn to the numbers, I'd like to review our second-quarter 2024 results and then provide guidance for the third quarter and full year 2024. Total revenue in the second quarter was $232.6 million, up 10% from the prior-year period. Approximately, 7% of our growth in Q2 was driven by cross-sell, upsell, and adoption of our solutions across our client base, including repair shop upgrades, continued adoption of our digital solutions and ongoing strength in casualty and parts.

現在，當我們轉向數位時，我想回顧一下 2024 年第二季的業績，然後為 2024 年第三季和全年提供指導。第二季總營收為2.326億美元，比去年同期成長10%。第二季約 7% 的成長是由交叉銷售、追加銷售以及在客戶群中採用我們的解決方案推動的，包括維修店升級、繼續採用我們的數位解決方案以及在傷亡和零件方面的持續優勢。

Approximately 3 points of growth came from our new logos, mostly our repair facilities and parts suppliers. About 1 point of growth in Q2 came from our emerging solutions, mainly Diagnostics, Estimate-STP, and the new adjacent casualty solutions.

大約 3 個百分點的成長來自我們的新商標，主要是我們的維修設施和零件供應商。第二季約 1 個百分點的成長來自我們的新興解決方案，主要是診斷、估計 STP 和新的相鄰傷亡解決方案。

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 2024, our GDR was 99%, which is in line with last quarter.

現在轉向我們的關鍵指標。軟體毛美元留存率（GDR）反映了與去年同期相比從我們的客戶群中留存的收入金額。2024 年第二季度，我們的 GDR 為 99%，與上季持平。

Note that since the first quarter 2020, our GDR has been between 98% and 99% is either rounded up or down driven primarily by repair shop industry churn. We believe our GDR reflects the value we provide and the significant benefits that accrue to our customers from participating in the broader CCC network. Our GDR is a core tenet of our predictable and resilient revenue model.

請注意，自 2020 年第一季以來，我們的 GDR 一直在 98% 至 99% 之間，主要是由於維修店行業的流失而向上或向下舍入。我們相信，我們的 GDR 反映了我們提供的價值以及我們的客戶透過參與更廣泛的 CCC 網路而獲得的重大利益。我們的 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 2024, our NDR was 107%, which is in line with Q1 2024 and consistent with our average across 2023.

軟體淨美元留存率或 NDR 反映了與去年同期相比，我們現有客戶的交叉銷售和追加銷售數量，以及我們汽車物理損壞客戶群的數量變化。2024 年第二季度，我們的 NDR 為 107%，與 2024 年第一季一致，也與我們 2023 年的平均值一致。

Now I'll review the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP. We provide a reconciliation of GAAP to non-GAAP metrics in our press release. Adjusted gross profit in the quarter was $182 million. Adjusted gross profit margin was 78%, which is flat sequentially and up against 77% in Q2 of 2023.

現在我將更詳細地回顧損益表。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 指標的調整表。該季度調整後毛利為 1.82 億美元。調整後毛利率為 78%，與上一季持平，而 2023 年第二季為 77%。

The stronger year-over-year adjusted gross profit margin primarily reflects operating leverage on the incremental revenue. 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%.

較去年同期調整後的毛利率較高，主要反映了增量收入的經營槓桿。總體而言，我們對營運槓桿和業務模式的可擴展性以及我們實現 80% 的長期調整毛利目標的能力感到滿意。

In terms of expenses, adjusted operating expense in Q2 2024 was $96 million, which is up 7% year over year. This was mainly driven by higher IT-related cost as well as investment in our customer-facing functions. Adjusted EBITDA for the quarter was $96 million, up 18% year over year with an adjusted EBITDA margin of 41%.

費用方面，2024年第二季調整後營運費用為9,600萬美元，較去年同期成長7%。這主要是由於 IT 相關成本上升以及對面向客戶的職能的投資。該季度調整後 EBITDA 為 9,600 萬美元，年增 18%，調整後 EBITDA 利潤率為 41%。

Now turning to the balance sheet and cash flow. We ended the quarter with $238 million in cash and cash equivalents; $780 million of debt. At the end of the quarter, our net leverage was 1.4 times adjusted EBITDA.

現在轉向資產負債表和現金流量。本季結束時，我們的現金和現金等價物為 2.38 億美元； 7.8 億美元的債務。截至本季末，我們的淨槓桿比率為調整後 EBITDA 的 1.4 倍。

Free cash flow in Q2 was $36 million compared to $55 million in the prior-year period. Free cash flow on a trailing 12-month basis was $197 million, which is up 11% year over year. Our trailing 12-months free cash flow margin as of Q2 2024 was 22%. That is up from 20% as of Q2 a year ago.

第二季的自由現金流為 3,600 萬美元，去年同期為 5,500 萬美元。過去 12 個月的自由現金流為 1.97 億美元，年增 11%。截至 2024 年第二季度，我們過去 12 個月的自由現金流利潤率為 22%。這比一年前第二季的 20% 有所上升。

Unlevered free cash flow in Q2 was $48 million or approximately 50% of our adjusted EBITDA. While our level of free cash flow can vary quarter to quarter, we expect it to continue to average out in the mid-60 range of our adjusted EBITDA on an annual basis.

第二季的無槓桿自由現金流為 4,800 萬美元，約佔調整後 EBITDA 的 50%。雖然我們的自由現金流水準可能每季都有所不同，但我們預計每年調整後 EBITDA 的平均值將繼續保持在 60 左右的範圍內。

In May, we issued 3.8 million shares to redeem 17.8 million in private sponsor [warrants]. The transaction helps simplify our capital structure going forward. In addition, our private equity owners completed two secondary offerings since our last earnings call, 50 million shares in May and 30 million shares in July. Our free float, as measured by Bloomberg, is currently over 70% of shares outstanding. That's up from about 30% in October, a significant improvement in stock liquidity over the last nine months.

5月，我們發行380萬股，贖回私人保薦人1,780萬股[認股權證]。該交易有助於簡化我們未來的資本結構。此外，自上次財報電話會議以來，我們的私募股權所有者完成了兩次二次發行，5 月發行了 5,000 萬股，7 月發行了 3,000 萬股。根據彭博社的統計，我們的自由流通量目前佔已發行股票的 70% 以上。這比 10 月的約 30% 有所上升，是過去 9 個月股票流動性的顯著改善。

I'll now cover guidance beginning in Q3 2024. We expect total revenue of $236 million to $238 million which represents 7% to 8% growth year over year. We expect adjusted EBITDA of $97 million to $99 million, a 41% adjusted EBITDA margin at the midpoint.

我現在將介紹從 2024 年第三季開始的指導。我們預計總收入為 2.36 億至 2.38 億美元，年增 7% 至 8%。我們預計調整後 EBITDA 為 9,700 萬美元至 9,900 萬美元，調整後 EBITDA 利潤率為 41%。

For the full year 2024, we expect total revenue of $941 million to $945 million versus our previous range of $944 million to $950 million; an adjusted EBITDA of $391 million to $395 million versus our previous range of $389 million to $395 million. The midpoint of our new range represents about a 0.5% reduction in year-over-year revenue growth to 9% and a 0.5% increase in adjusted EBITDA margin to 42%.

對於 2024 年全年，我們預計總收入為 9.41 億美元至 9.45 億美元，而之前的區間為 9.44 億美元至 9.5 億美元；調整後的 EBITDA 為 3.91 億美元至 3.95 億美元，而我們先前的範圍為 3.89 億美元至 3.95 億美元。我們新範圍的中點表示年收入成長下降約 0.5% 至 9%，調整後 EBITDA 利潤率成長 0.5% 至 42%。

So three things to keep in mind, as you think about our third quarter and full-year guide for 2024. The first point is that, as Githesh referenced in his remarks, we expected emerging solutions to increase their contribution to revenue growth in the second half and make up about 2 percentage points of our full-year 2024 revenue growth versus 1 point contribution in 2023.

因此，當您思考我們的 2024 年第三季和全年指南時，需要記住三件事。第一點是，正如Githesh 在他的演講中提到的那樣，我們預計新興解決方案將在下半年增加對收入成長的貢獻，並占我們2024 年全年收入成長的約2 個百分點，而2023 年為1 個百分點。

While client engagement around our emerging solutions continues to be very strong, it is taking longer to convert pilots to revenue than we had originally forecasted. As a result, we are now expecting the contribution from emerging solutions will remain at about 1% for 2024. That said, our medium- to long-term view of the growth contributions from these solutions has not changed.

儘管客戶對我們新興解決方案的參與度仍然非常高，但將試點轉化為收入所需的時間比我們最初預測的要長。因此，我們現在預計 2024 年新興解決方案的貢獻將維持在 1% 左右。儘管如此，我們對這些解決方案對成長貢獻的中長期看法並未改變。

The second point is that as we discussed in our earnings call last year, we had a 1 percentage point benefit in Q3 and a 1 percentage point benefit in Q4 of last year from non-recurring items. 1 point came from catch-up revenue on a subscription contract in Q3, and 1 point came from one-time items in year-end true-ups in Q4 of last year. Note that our year-over-year revenue growth can be impacted by contract timing and solutions with volume components.

第二點是，正如我們在去年的財報電話會議中所討論的那樣，去年第三季和第四季的非經常性項目分別帶來了 1 個百分點和 1 個百分點的收益。 1分來自第三季訂閱合約的追趕收入，1分來自去年第四季年終調整中的一次性項目。請注意，我們的同比收入成長可能會受到合約時間和批量組件解決方案的影響。

The third point is that Q2 of this year, our adjusted EBITDA margin of 41.2% was up about 300 bps year over year. The increase was stronger than initially expected, largely because of phasing of cost benefit in the first half of the year. Margin in the second half will be impacted by the pace of hiring and phasing of cost in the second half. For the full year of 2024, we expect margin expansion of about 100 basis points year over year to about 42% and margins for the second half of the year to expand sequentially over margins in the first half.

第三點是，今年第二季度，我們調整後的 EBITDA 利潤率是 41.2%，較去年同期成長約 300 個基點。這一增幅強於最初預期，主要是因為上半年成本效益的逐步顯現。下半年的利潤率將受到下半年招募速度和成本分階段的影響。對於2024年全年，我們預期利潤率將年增約100個基點，達到約42%，下半年的利潤率將比上半年的利潤率連續成長。

Overall, the strong trends we're seeing in renewals, relationship expansion, and engagement around new solutions reinforces our confidence in the underlying strength of the business. The combination of our durable business model, advanced AI capabilities, interconnected network, and a broad solutions set puts us in a unique position to help our customers in the P&C insurance economy, reduce their cycle times, and administration costs while improving their consumer experiences throughout the claims process.

總體而言，我們在更新、關係擴展和圍繞新解決方案的參與方面看到的強勁趨勢增強了我們對業務潛在實力的信心。我們持久的商業模式、先進的人工智慧功能、互聯網和廣泛的解決方案集相結合，使我們處於獨特的地位，可以幫助財產和意外傷害保險經濟中的客戶，減少他們的週期時間和管理成本，同時改善他們的消費者體驗索賠過程。

We are confident in our ability to deliver against our long-term target of 7% to 10% organic revenue growth and mid-40% adjusted EBITDA margin as we continue to execute on our strategic priorities and generate significant value for both our customers and our shareholders.

我們對實現 7% 至 10% 有機收入成長和 40% 調整後 EBITDA 利潤率的長期目標充滿信心，因為我們將繼續執行我們的策略重點，並為我們的客戶和我們的客戶創造巨大價值。

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

接線員，我們現在準備好回答問題了。謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, guys. Appreciate the question here. Maybe, Brian, starting with you and maybe also for Githesh here. It sounds like that decisioning elongation is playing out and you called out maybe the change management aspect that's driving that. I get that there's some near-term implications there, but wondering how you guys are thinking about what that means for the long-term of the business with the healthy pipeline you've called out and maybe the opportunity for that to unlock kind of incremental capacity to adopt more of the platform over time?

嘿，夥計們。感謝這裡的問題。也許，布萊恩，從你開始，也許也從這裡的吉瑟什開始。聽起來決策延伸正在發揮作用，你指出可能是變革管理方面推動了這一點。我知道這有一些短期影響，但想知道你們如何考慮這對企業的長期發展意味著什麼，以及你們所呼籲的健康管道，也許還有機會釋放某種增量隨著時間的推移，有能力採用更多的平台嗎？

Yeah, sure. Hey, Dylan, it's Brian. I'll start and then Githesh can add. So the position over the medium to long term is not changing. We've talked about the emerging solutions and how they will contribute to the long-term growth target. We still feel very strong and confident about that position. We talked about them scaling to about 3 to 4 points of growth within the long-term target, and we still believe that that is a good target. And we're confident that we'll move towards that over time.

是的，當然。嘿，迪倫，我是布萊恩。我先開始，然後 Githesh 可以加入。因此，從中長期來看，這立場並沒有改變。我們已經討論了新興的解決方案以及它們將如何為長期成長目標做出貢獻。我們仍然對這一立場感到非常堅定和自信。我們談到他們在長期目標內擴大到大約 3 到 4 個百分點的成長，我們仍然認為這是一個很好的目標。我們相信，隨著時間的推移，我們將朝著這個目標邁進。

Hey. Yeah. The one thing I would add to that is the number of customers, I think, as we pointed out, if you look at our top-20 carriers, whether they're evaluating, testing one or multiple solutions, so it's very, very healthy in terms of the energy our customers are spending. But more -- perhaps even more important than that is the ROI and the impact that we're seeing in these solutions are substantial. And so the point you made about change management, where what we see is customers putting even more focus saying I can see some significant impact, so maybe I make more process changes or changes to take advantage of the solutions. So that is taking a little bit longer.

嘿。是的。我要補充的一件事是客戶數量，我認為，正如我們所指出的，如果你看看我們的前20 家運營商，無論他們是在評估、測試一種還是多種解決方案，所以這是非常非常健康的就我們的客戶消耗的能源而言。但更重要的是——也許比這更重要的是投資報酬率，以及我們在這些解決方案中看到的巨大影響。因此，您提出的關於變革管理的觀點，我們看到客戶更加關注，並表示我可以看到一些重大影響，所以也許我會進行更多流程更改或更改以利用解決方案。所以這需要更長的時間。

Okay, great. That's really helpful. Maybe for Githesh here to -- you called out kind of the innovation engine here and hard not to notice what seems to be continued acceleration on product rollouts. Given you do offer so much value, and it's pretty tangible, and there's room for continued adoption, how should we think about that potential product roadmap as well? And how much more whitespace is there out there that you guys can potentially solve or digitize from that workflow perspective? Thanks.

好的，太好了。這真的很有幫助。也許對 Githesh 來說，你在這裡呼喚了某種創新引擎，很難不注意到產品推出似乎持續加速。鑑於您確實提供瞭如此多的價值，而且它是相當有形的，並且有繼續採用的空間，我們應該如何考慮潛在的產品路線圖？從工作流程的角度來看，你們還可以解決或數位化多少空白？謝謝。

So if you step back -- and we started this effort, as you may recall, about two to three years ago. We said, we'll continue to make sure that our core business continues to perform, continue to increase profitability of the business. But at the same time, we said we'd increase the velocity and delivery of new solutions. And a lot of it is stemming from our core AI capability that we've started building up a decade ago.

因此，如果您退後一步，您可能還記得，我們​​大約在兩三年前就開始了這項工作。我們表示，我們將繼續確保我們的核心業務繼續表現，並繼續提高業務的獲利能力。但同時，我們表示我們將提高新解決方案的速度和交付。其中很大一部分源自於我們十年前開始建立的核心人工智慧能力。

So what we see from these solutions that we've introduced, whether you call it in the last six months, last two years, the TAM for these solutions is in that $2 billion range. So if you think about the expansion opportunity for these solutions is in that $2 billion TAM range.

因此，我們從我們推出的這些解決方案中看到，無論您稱之為過去六個月還是過去兩年，這些解決方案的 TAM 都在 20 億美元範圍內。因此，如果您考慮這些解決方案的擴展機會就在 20 億美元的 TAM 範圍內。

Alexei Gogolev, JP Morgan.

阿列克謝‧戈戈列夫，摩根大通。

Hi, Githesh. Hi, Brian. Thank you for taking my question. I realize that you already mentioned that there is no direct impact on CCCS from CrowdStrike outage. But can you elaborate how some of your big clients are impacted from the event? And would you agree that the companies in your industry that are having the biggest issues are the ones that don't have their arms around their infrastructure? Do you think this outage can trigger broader issues for your customer base?

嗨，吉瑟斯。嗨，布萊恩。感謝您回答我的問題。我知道您已經提到 CrowdStrike 中斷不會對 CCCS 產生直接影響。但您能否詳細說明一下您的一些大客戶是如何受到該事件的影響的？您是否同意，您所在產業中遇到最大問題的公司是那些沒有保護基礎設施的公司？您認為這次中斷會為您的客戶群引發更廣泛的問題嗎？

Alexei, thank you for the question. I would say that exactly as you pointed out, there's been no impact on our business, because we do not use CrowdStrike. And as you know, we're also in the public cloud. So with the one incident that we talked about, we immediately disconnected from that one provider who had the problem. And so we disconnected all the interfaces.

阿列克謝，謝謝你的提問。我想說，正如您所指出的，這對我們的業務沒有影響，因為我們不使用 CrowdStrike。如您所知，我們也在公有雲中。因此，在我們討論的一件事發生後，我們立即與出現問題的提供者斷開了聯繫。所以我們斷開了所有介面。

So that caused honestly a little bit of disruption for several weeks as it impacted some of the parts ordering that is done from dealers out of the dealer management systems. It caused impact for some -- about 10% of our repair facilities are owned by dealers -- and also parts ordering.

因此，老實說，這在幾週內造成了一些幹擾，因為它影響了經銷商在經銷商管理系統之外進行的一些零件訂購。它對一些人（我們大約 10% 的維修設施歸經銷商所有）以及零件訂購造成了影響。

I would say for our insurance customers, for the most part, there was almost minimal to no impact whatsoever. So that's the answer to your question, Alexei.

我想說，對於我們的保險客戶來說，在大多數情況下，幾乎沒有任何影響。這就是你問題的答案，阿列克謝。

Thank you, Githesh. And have you seen any incremental growth from our IX Cloud, i.e., are customers placing more of their operations on CCC because of this increased connectivity?

謝謝你，吉瑟斯。您是否看到我們的 IX 雲端有任何增量成長，即客戶是否因為連接性的增強而將更多業務放在 CCC 上？

We are seeing that more customers are now working to integrate more solutions. IX Clouds accelerates that ability to implement more solutions together. For example, if you look at solutions like Estimate-STP, working with First Look, working with Impact Dynamics -- so these are examples where multiple solutions can work better and closer together, and IX Cloud helps with that. And we are seeing customers also excited about that.

我們看到越來越多的客戶正在努力整合更多解決方案。IX Clouds 加速了共同實施更多解決方案的能力。例如，如果您查看Estimate-STP 等解決方案、與First Look 合作、與Impact Dynamics 合作，那麼這些都是多個解決方案可以更好、更緊密地協同工作的示例，而IX Cloud 可以幫助實現這一點。我們看到客戶也對此感到興奮。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hi. Good evening and thanks for taking my questions. Maybe first, just on the emerging solutions taking longer to go from pilot to conversion, straightforward there, I guess, Brian, my question would be, should we then assume that will track closer just over time to assume the lower end of the long-term target range as well? As long as it's -- is it taking longer. Is this something that you view as transitory? I'm just trying to recalibrate what we should assume, not just for the rest of this year, but maybe how you want us to think about it on a go-forward basis -- that pilot-to-conversion timeline?

你好。晚上好，感謝您提出我的問題。也許首先，新興的解決方案從試點到轉換需要更長的時間，簡單地說，我想，布萊恩，我的問題是，我們是否應該假設隨著時間的推移會更接近，以假設長期的下限-術語目標範圍也是如此？只要它——是否需要更長的時間。您認為這是暫時的嗎？我只是想重新調整我們應該假設的內容，不僅僅是在今年剩下的時間裡，也許你希望我們如何在未來的基礎上思考它——試點到轉換的時間表？

Hey, Samad. It's Brian. Thanks for the question. Yeah, I mean, we're setting the guide in the second half of the year in a place where we're comfortable and confident on based on the reset on emerging and the time. When we think about '25 next year, we are expecting more material contribution off emerging. So we do see it continuing to step up ongoing into next year. We're not going to get specific within the guide, but we are very comfortable with the long-term range that we've put out in the market.

嘿，薩馬德。是布萊恩。謝謝你的提問。是的，我的意思是，我們將在下半年根據新興市場和時間的重置，在一個我們感到舒適和自信的地方設定指南。當我們考慮明年的 25 週年時，我們預計新興市場會做出更多物質貢獻。因此，我們確實看到它在明年繼續加強。我們不會在指南中具體說明，但我們對我們在市場上推出的長期範圍感到非常滿意。

Great. And then Githesh, maybe a follow-up for you. Just it's a big number -- the one customer that you referenced that's processing 20% on a run-rate basis of their claims using one of the AI solutions. I was thinking if you could give us maybe some more information there and in terms of how are they defining the ROIs that they're seeing by processing that high percentage of volume? And then has there been any kind of consequent change to the economics of their contract and what that looks like versus a typical CCCS customer and would it benefit you?

偉大的。然後是 Githesh，也許是你的後續行動。這是一個很大的數字——您提到的一位客戶使用其中一種人工智慧解決方案，按運行率處理了 20% 的索賠。我在想您是否可以向我們提供更多信息，以及他們如何定義通過處理如此高比例的數量所看到的投資回報率？那麼，他們的合約經濟性是否發生了任何隨之而來的變化，以及與典型 CCCS 客戶相比的情況，這會對您有利嗎？

Sure. So let me just first talk about the customer themselves. So this customer actually implemented our AI Estimate-STP and its a precursor in late 2021. That's when they really started. So they started out going to about a few states and expanded to multiple states and then expanded to multiple vehicle types and continued and then moved to about 50 states. And as they got more and more comfortable with the solution and the AI and the precision, the accuracy of the AI -- and most importantly, the two things the solution was doing is handling consistency and complexity of new vehicles that were coming in.

當然。讓我先談談客戶本身。因此，該客戶實際上在 2021 年底實施了我們的 AI Estimate-STP 及其先驅。那是他們真正開始的時候。因此，他們一開始只涵蓋大約幾個州，然後擴展到多個州，然後擴展到多種車輛類型，繼續前進，然後擴展到大約 50 個州。隨著他們對解決方案、人工智慧以及人工智慧的精確度和準確性越來越滿意，最重要的是，解決方案所做的兩件事是處理即將上市的新車的一致性和複雜性。

So they were starting to see that in many instances -- hate to get mathematical on here -- but the bell curve -- you've got a much narrower distribution in terms of how they were dealing with it. And they start to apply the solutions to different mixes of their book across different states, and the results continued to be really good.

所以他們開始看到，在很多情況下——討厭在這裡進行數學計算——但是鐘形曲線——就他們如何處理它而言，你的分佈要窄得多。他們開始將這些解決方案應用到不同州的書中的不同組合中，結果仍然非常好。

So on a run-rate basis, they are now tracking towards 20%. Our entire customer base in aggregate is tracking towards that 3%, but this is a top-10 carrier who now has three years of experience and is now tracking towards that 20%. And they're very excited about the results.

因此，從運行率來看，他們現在正朝著 20% 的方向前進。我們的整個客戶群總體上正在朝著這 3% 的方向發展，但這是一家擁有三年經驗的前 10 名營運商，現在正在朝著那 20% 的方向發展。他們對結果感到非常興奮。

And then in terms of contracts, obviously, there's an incremental amount of revenue that comes out of this solution being fully deployed. But it is -- but we don't break out any individual customers as you know.

然後就合約而言，顯然，全面部署該解決方案會帶來增量收入。但事實確實如此，但正如您所知，我們不會細分任何個人客戶。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great. Hey, Githesh. Hey, Brian. Thanks for taking my questions here. Githesh, maybe to start with you, the explanation around emerging solutions was pretty straightforward in terms of timing and rev rec . Can you just go maybe go one level deeper and talk about whether any specific emerging solutions was maybe seeing more of the scrutiny? Like was it Estimate-STP, for example, that the customers were maybe evaluating for a longer time? Or was it Diagnostics or Subrogation? It sounds like it was in the aggregate, but maybe you could go one level deeper and speak to which part of the emerging portfolio maybe saw that additional kind of time?

好的，太好了。嘿，吉瑟斯。嘿，布萊恩。感謝您在這裡提出我的問題。Githesh，也許從你開始，圍繞新興解決方案的解釋在時間和轉速記錄方面非常簡單。您能否更深入地討論是否有任何特定的新興解決方案可能受到更多審查？例如，客戶可能會評估更長的估計 STP 嗎？還是診斷還是代位求償？聽起來好像是總體而言，但也許您可以更深入地討論新興投資組合的哪一部分可能會看到額外的時間？

Yeah. I think there are slight differences between -- each one of them are slightly different given the nuances. So rather than to go through all of them, I'll just pick one as an example, and I'll pick on subrogation as an example for you.

是的。我認為它們之間存在細微差別——考慮到細微差別，它們中的每一個都略有不同。因此，我不會一一列舉所有這些，而是只選擇一個作為例子，然後我將選擇代位權作為您的例子。

So subrogation is one where we literally have, at this stage, double-digit customers in contract. And what we're seeing with subrogation back to the value proposition is that we saw an 80% decrease in cycle time. This is for inbound subrogation. Notice that outbound subrogation is still not fully rolled out. So this is for inbound subrogation.

因此，代位權是我們在現階段確實擁有兩位數合約客戶的情況。透過代位回歸價值主張，我們看到週期時間縮短了 80%。這是用於入境代位求償。請注意，出站代位權尚未完全推出。這是針對入境代位求償權的。

And these customers have processed tens of millions of dollars and have seen tens of millions of dollars of improvement and the impact on accuracy or how the demand dollars are coming in and how they're responding, that increase has been somewhere between 20% and 50%. So substantial impact, significant cycle-time improvements.

這些客戶已經處理了數千萬美元，並看到了數千萬美元的改進以及對準確性或需求資金如何進入以及他們如何回應的影響，這種增長在 20% 到 50% 之間%。如此巨大的影響，顯著的周期時間改進。

So this is an example where the customers have said. We are excited about what we're seeing. Sometimes we've had decentralized or distributed teams. With this solution, we can centralize the teams. There's more change management we can execute. And there's more that we can do, but it requires some level of training, reorganizing to capture the opportunities that are in front of us.

這是客戶說的例子。我們對所看到的感到興奮。有時我們有分散或分散的團隊。透過這個解決方案，我們可以集中團隊。我們可以執行更多的變更管理。我們可以做的還有更多，但這需要一定程度的培訓和重組才能抓住擺在我們面前的機會。

So this is an example of just picking one solution, and each one has slightly different nuances. And by the way, in addition to the double-digit customer base, we also have a long list of customers also evaluating, piloting, testing and the early references from these customers -- I think some of this might even be public, but the early references from the customers is also helping with newer customers who are piloting and testing. So we feel very good about that.

因此，這是僅選擇一種解決方案的範例，每種解決方案都有細微差別。順便說一句，除了兩位數的客戶群之外，我們還有一長串客戶也在評估、試點、測試以及這些客戶的早期參考——我認為其中一些甚至可能是公開的，但客戶的早期參考也對正在進行試點和測試的新客戶有所幫助。所以我們對此感覺非常好。

Does that answer your question?

這能回答你的問題嗎？

It does. It definitely gives it more color.

確實如此。它確實賦予了它更多的色彩。

Brian, maybe the follow-up for you. At 1 point of growth, I mean, clearly the emerging solutions are still scaling. And so maybe this is going to be an unfair question to ask, but how do you sort of think about -- even just anecdotally -- the margin differences between the big-scaled established solutions versus emerging? Because of course, with the revenue guide just maybe getting adjusted a little bit, it was good to see the EBITDA guide go up a little bit. Maybe just talk to the margin differences between established versus emerging to the extent you can.

布萊恩，也許是你的後續行動。我的意思是，在成長 1 個點時，顯然新興解決方案仍在擴展。因此，也許這是一個不公平的問題，但您如何看待（即使只是軼事）大規模成熟解決方案與新興解決方案之間的利潤差異？當然，因為收入指南可能會稍微調整，所以很高興看到 EBITDA 指南略有上升。也許只是盡可能地討論成熟企業與新興企業之間的利潤差異。

Yeah, absolutely. I would say -- we start at where we're going to get to. When these products are mature and they're at scale, they will have a similar margin profile as our established and core solutions. And we are seeing efficiency in the AI. So there's nothing at a margin level that will really look different than our current solutions today when they get to scale. We are seeing early-stage costs that will be different on them before they scale.

是的，絕對是。我想說——我們從我們要去的地方開始。當這些產品成熟並形成規模時，它們將具有與我們現有的核心解決方案類似的利潤狀況。我們看到了人工智慧的效率。因此，當我們目前的解決方案規模化時，在利潤水平上沒有什麼會真正與我們目前的解決方案有所不同。我們發現，在規模擴大之前，早期階段的成本會有所不同。

We have set up costs. The amortization starts to come through cost of revenue when we launch the product, and it's open for GA. So there is some cost that gets in front of the revenue. And then once the revenue gets to scale and gets to a tipping point, the margin profile will be consistent with the broader margin profile of CCC. So that's how to think about it.

我們已經設定了成本。當我們推出產品時，攤提就開始透過收入成本來體現，並且該產品可供正式發布。因此，在收入之前存在一些成本。然後，一旦收入規模擴大並達到臨界點，利潤率狀況將與 CCC 更廣泛的利潤率狀況保持一致。所以這就是如何思考它。

I would just say, in general, we're happy with where margins are. The first half had close to 300 basis points of margin improvement. And we're guiding to a full year of around 100 basis points of margin improvement.

我只想說，總的來說，我們對利潤率感到滿意。上半年利潤率提高了近 300 個基點。我們預計全年利潤率將提高約 100 個基點。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon. Thank you for taking the question. Githesh, would welcome your perspective here. At any time in the last 40 years, we could have made the argument that the portfolio is split between more established products and newer emerging products. So help us understand what's different this time to how you're thinking about the forecasting and the adoption of emerging products? Or do you just think that at any given time you have a mix in your portfolio between more established and ramping?

嗨，下午好。感謝您提出問題。Githesh，歡迎您在這裡提出自己的觀點。在過去 40 年的任何時候，我們都可以提出這樣的論點：產品組合分為更成熟的產品和較新的新興產品。那麼請幫助我們了解這次您對新興產品的預測和採用有何不同？或者您只是認為在任何特定時間您的投資組合都介於成熟型和成長型之間？

Hey, Gabriela. Sure. As you can imagine from my perspective, right, 90% of the revenue we just reported -- we're almost up to $1 billion in revenue; 90% of this revenue we reported started at zero, right? So very little of this has come through acquisitions. So we have, back to your, 20-year perspective, almost all of these products have come essentially from zero.

嘿，加布里埃拉。當然。正如你從我的角度想像的那樣，我們剛剛報告的收入的 90%——我們的收入幾乎達到了 10 億美元；我們報告的收入中有 90% 是從零開始的，對吧？因此，其中很少是透過收購實現的。所以，從 20 年的角度來看，幾乎所有這些產品基本上都是從零開始的。

So the pattern recognition we have around this is really a handful of some very, very fundamental things, which is -- what is the ROI? What's the impact? What are we seeing? So this is also, as I pointed out, unlike -- here's some core differences between what we've seen -- to your question about what we've seen over 20 years, where we are today. Two or three fundamental differences.

因此，我們對此的模式識別實際上是一些非常非常基本的事情，即——投資回報率是多少？有什麼影響？我們看到了什麼？因此，正如我所指出的，這也不同於您提出的關於我們 20 年來所看到的以及我們今天所處的位置的問題，這是我們所看到的一些核心差異。兩三個根本差別。

One, we are now 10 years of execution and development on AI, and the range of solutions we can deliver using our AI are very different from solutions that we could have ever delivered through traditional, deterministic software development. So the solutions themselves are different in nature. The ROI is very strong.

第一，我們在人工智慧方面的執行和開發已經有 10 年了，我們可以使用人工智慧提供的解決方案範圍與我們可以透過傳統的確定性軟體開發提供的解決方案非常不同。所以解決方案本身本質上是不同的。投資報酬率非常高。

The second thing I would say is very different is that I cannot recall at any point in our history where the breadth of our products -- if you look at what we've delivered for insurance in terms of our insurance customers, from Estimate - STP to First Look, Impact Dynamics, Intelligent Reinspection, Subrogation, extensions to casualty, and then same thing with our repair facility customers, where we have a whole series of new solutions, the breadth of the solutions we have and the solutions' abilities to work with each other and deliver a greater impact, that's the second thing that is fundamentally different.

我要說的第二件事是非常不同的，我不記得我們歷史上的任何時候我們產品的廣度 - 如果你看看我們為保險客戶提供的保險服務，從估計 - STP首先看看，衝擊動力學，智慧重新檢查，代位求償，擴展到傷亡，然後與我們的維修設施客戶一樣，我們擁有一系列新的解決方案，我們擁有的解決方案的廣度以及解決方案的工作能力彼此合作並產生更大的影響，這是第二個根本不同的事。

The third thing I would say is different is that our customers went through an exogenous shock in the '22, '23 timeframe. So when you looked at our customers' profitability, especially our insurance customers' profitability, '22 and '23 were years where inflation in cost of parts, inflation in claims costs were substantial. And many of our customers went through some fairly tough challenges.

我要說的第三件事是不同的，我們的客戶在 22 年、23 年時間範圍內經歷了外源性衝擊。因此，當你觀察我們客戶的獲利能力，特別是我們的保險客戶的獲利能力時，你會發現，22 和 23 年間，零件成本和索賠成本的通膨都非常嚴重。我們的許多客戶都經歷了一些相當嚴峻的挑戰。

And then as that started to correct itself into early 2024, what we're seeing from our customers is that they're saying that we would rather go bigger in terms of making changes and get ready for a broader, bigger set of changes, as opposed to incremental changes. Because you make incremental changes and a situation like '22 or '23 repeats itself, then it is a real problem.

然後，隨著這種情況在2024 年初開始自我糾正，我們從客戶那裡看到的是，他們說我們寧願在做出更大的改變方面做出更大的改變，並為更廣泛、更大的改變做好準備，因為反對漸進式變革。因為您進行增量更改，並且像“22”或“23”這樣的情況會重演，所以這是一個真正的問題。

So the changes that our customers have undergone is leaning them and causing them to think bigger and broader and bolder changes, which we are excited about. And that's why we also said almost every one of our top-20 customers, carriers, are testing one or multiple solutions with us right now.

因此，我們的客戶所經歷的變化正在引導他們，促使他們思考更大、更廣泛、更大膽的變化，我們對此感到興奮。這就是為什麼我們也表示，幾乎每位排名前 20 名的客戶、營運商現在都在與我們一起測試一種或多種解決方案。

Gabriela, did that answer your question?

加布里埃拉，這回答了你的問題嗎？

Yes, yes. Very much. Githesh, when you talk about bigger transformational changes, to me that also signals longer-term changes, which seems consistent with what you're saying. I'm not sure if that longer-term time frame is tied to perhaps the technology needing to be iterated upon more. So to what extent are customers saying, well, we can see the potential that these particular products have, but from a road map standpoint, we're even more enthusiastic to see what it looks like a year from now. So maybe is that creating a little bit of a pause as well? Help us understand that dynamic.

是的，是的。非常。Githesh，當你談論更大的轉型變革時，對我來說這也預示著長期的變化，這似乎與你所說的一致。我不確定這個長期時間框架是否與可能需要迭代更多的技術有關。那麼，客戶在多大程度上說，我們可以看到這些特定產品的潛力，但從路線圖的角度來看，我們更熱衷於看看一年後它會是什麼樣子。那麼也許這也會造成一點停頓？幫助我們了解這種動態。

Yeah. I would parse that question slightly differently. So what we are seeing -- this is why I gave the subrogation example. So what we're seeing is, first of all, to be very blunt, initially there's skepticism, right? How is it possible that the AI and a whole new set of tools can do things very dramatically differently from what has been possible before?

是的。我會稍微不同地解析這個問題。所以我們所看到的——這就是我給出代位權例子的原因。所以我們首先看到的是，非常直率，最初存在懷疑，對吧？人工智慧和一整套新工具怎麼可能做出與以前截然不同的事情呢？

And once people start putting it, using it, and see numbers like an 80% decrease in cycle time, a 20% to 50% increase in accuracy, what that says is, it's not that people need longer times to prove it out. Because you can see those results literally in 90 days, because we have integration; we're cloud-based. You can see all of that.

一旦人們開始放置、使用它，並看到諸如週期時間減少 80%、準確度提高 20% 到 50% 之類的數字，這並不是說人們需要更長的時間來證明這一點。因為你可以在 90 天內看到這些結果，因為我們有整合；我們是基於雲端的。你可以看到這一切。

What people are now coming back and saying, in order to fully maximize the capability this thing offers, if I make adjustments to the way my staff, my process flows are structured, I can capture more of these capabilities, and I can train people differently. And that is where we are seeing the lengthening of time.

人們現在回來說，為了充分發揮這個東西提供的能力，如果我調整我的員工的方式、我的流程的結構，我可以捕獲更多這些能力，並且我可以以不同的方式培訓人們。這就是我們看到時間延長的地方。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

Hi, thank you for taking my questions. Just to confirm, everything that we're talking about here is emerging solutions. Are there any changes at all in terms of sales cycles or the market environment or anything on the legacy, I guess, you call it -- the vast majority of the business that you guys are working on?

你好，謝謝你回答我的問題。只是為了確認一下，我們在這裡討論的一切都是新興的解決方案。就銷售週期或市場環境而言，或你們所說的遺留物（你們正在從事的絕大多數業務）方面，是否有任何變化？

And then afterwards, maybe for Brian, maybe you could talk a little bit about what you did with the warrant liabilities in terms of getting them off the balance sheet and whether that affects the trajectory of the share creep?

然後，也許對布萊恩來說，也許你可以談談你對認股權證負債做了什麼，將其從資產負債表中剔除，以及這是否會影響股價攀升的軌跡？

Yeah. Shlomo, I'll cover the warrant one first, because it's straightforward. Yeah, we converted the remaining warrants. So there was private sponsor warrants. There's about 17.8 million of those. We converted them to shares. There's about 3.8 million shares that we issued. Those are now in the outstanding count, and so that cleaned up the cap table. So we're happy with that and to be able to close the door on having warrants in the cap table.

是的。什洛莫，我先介紹搜索令，因為這很簡單。是的，我們轉換了剩餘的認股權證。所以就有了私人保薦人的認股權證。其中大約有 1780 萬。我們將它們轉換為股票。我們發行了大約 380 萬股股票。這些現在都在未清計數中，因此清理了股權結構表。因此，我們對此感到滿意，並且能夠關閉在股權結構表中保留認股權證的大門。

On your first question regarding the established solutions in the core, when you look at what the second half guide is highlighting, the only change that's playing through the numbers is the emerging solutions reducing the second half. Outside of that, the second-half position is consistent with the prior guide. So we're feeling good on the established solutions. We have good pipeline and strong momentum. And so overall, we're happy with the performance in the core.

關於核心中已建立的解決方案的第一個問題，當您查看下半年指南所強調的內容時，數字中唯一的變化是減少下半年的新興解決方案。除此之外，下半場的位置與先前的指導一致。因此，我們對現有的解決方案感覺良好。我們擁有良好的管道和強勁的勢頭。總的來說，我們對核心的性能感到滿意。

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

Hey, good afternoon, guys. I will leave the emerging solutions alone. I just maybe want to talk about -- one that I get from clients a lot is on the stock comp side. Just as a percentage of revenue, it looks like it's down a bit, but still above that [10% to 12% to 14%] of revenue that you talk about. Can you talk to that a little bit? And I know it's just -- you can jump around a little bit -- just any kind of further thoughts on the normalization?

嘿，下午好，夥計們。我將不去理會正在出現的解決方案。我只是想談談——我從客戶那裡得到的很多資訊是關於股票方面的。就像佔收入的百分比一樣，看起來有點下降，但仍然高於你所說的收入的[10% 到 12% 到 14%]。你能談談這個嗎？我知道這只是——你可以稍微跳一下——只是對正常化有任何進一步的想法嗎？

Yeah. Hey, Chris. It's Brian. So in the quarter, Q2 was 17%, which is down slightly from Q1. We do expect to continue to move down as we go through the year. The one thing that's pushing it up is there is a modification to the TSRs that happened at the end of last year, and there's about a $67 million P&L impact with that change. And that largely runs through this year.

是的。嘿，克里斯。是布萊恩。所以在本季度，Q2 為 17%，比 Q1 略有下降。我們確實預計今年的價格將繼續下降。推動其上漲的一件事是去年底對股東總回報率進行了修改，這一變化對損益產生了約 6,700 萬美元的影響。這在很大程度上貫穿了今年。

When that runs out and we get into next year, it's going to look like the more normalized run rate. And that will be about 12% to 14% on a run rate. So that's the way to think about the run rate.

當這個額度用完並且進入明年時，運行率看起來會更加標準化。運行率約為 12% 至 14%。這就是考慮運行率的方法。

The modification on the TSR, maybe just one other point, is there was no impact on shares being issued. It was an accounting P&L charge. And that's really the only impact that's run through the numbers.

股東總報酬率的修改也許只是另一點，就是對發行的股票沒有影響。這是一項會計損益費用。這確實是這些數字中唯一的影響。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Hey, good afternoon. I'm interested in this new product you launched, Build Sheets. I mean, are you the first one out there with something of this nature? And how far back on terms of model years does this go for the vehicles that are out there?

嘿，下午好。我對你們推出的新產品 Build Sheets 很感興趣。我的意思是，你是第一個擁有這種性質的東西的人嗎？對於現有的車輛來說，從車型年份來看，這可以追溯到多久之前？

Hey, just to clarify, are you talking about Build Sheets?

嘿，為了澄清一下，您是在談論構建表嗎？

Yes, Build Sheets.

是的，建構表。

Okay. In terms of -- I believe -- I'm not 100% certain, but I believe we are the first ones with Build Sheets at the repair facility level, integrated -- again, not 100% sure of that. But what is really powerful about this is it goes back many, many years, and we actually have done extensive work in making sure that Build Sheets have been integrated.

好的。就這一點而言，我相信，我不是 100% 確定，但我相信我們是第一個在維修設施層級整合建造表的公司，同樣，也不是 100% 確定。但真正強大的是它可以追溯到很多很多年前，我們實際上已經做了大量工作來確保建立表已整合。

So first of all, when you look at our -- you're familiar, Gary, with our total loss solutions and other solutions where we actually have integrated Build Sheets into those capabilities, but it's the first time it's being introduced to the repair facility market. And it covers the vast majority of all brands and goes back many, many years. And yeah, so that's basically the gist of it.

首先，當你看到我們的——加里，你很熟悉我們的全損耗解決方案和其他解決方案時，我們實際上已將構建表整合到這些功能中，但這是第一次將其引入維修設施市場。它涵蓋了絕大多數品牌，並且可以追溯到許多很多年前。是的，這基本上就是它的要點。

I mean do you feel that this has the potential to become a fairly significant product you need on the repair side?

我的意思是，您是否認為這有可能成為您在維修方面所需的相當重要的產品？

Yes. The early receptivity of what we've seen in the first 60 days has been pretty substantial in terms of uptake. It's also a solution where customers can essentially self-service, go on the website, a couple of clicks, add it. And it has a pretty dramatic impact on simplification of the estimates and what you're ordering.

是的。我們在前 60 天內看到的早期接受度在吸收方面相當可觀。這也是一個解決方案，客戶基本上可以自助服務，進入網站，點擊幾下，添加它。它對簡化估算和訂購內容產生了相當大的影響。

What it does is it continues the trajectory of CCC ONE. You go way back with us, and if you remember, CCC ONE started at almost nothing. It's well north of $400 million today, and this continues to add to that trajectory of solutions.

它所做的就是延續 CCC ONE 的發展軌跡。如果你還記得，CCC ONE 幾乎是從零起步的。如今，這一數字已遠遠超過 4 億美元，並且這將繼續增加解決方案的發展軌跡。

And then just one last question on this product. I mean the data, do you get it from the manufacturers? Or is this the data that you've been accumulating in-house over the years that gives you the ability to produce these kind of Build Sheets?

然後是關於該產品的最後一個問題。我的意思是數據，你從製造商那裡得到的嗎？或者這是您多年來在內部積累的數據，使您能夠生成此類構建表？

Without going into all the gory details, we would say that there's a variety of sources. And this is extraordinarily important to have actual manufactured data so that the options as the car came off the manufacturing line is down to that particular VIN number. So you're not chasing down 35 different types of mirrors and you're getting the one mirror because that really affects parts ordering and cycle time.

在不討論所有血腥細節的情況下，我們會說有多種來源。擁有實際的製造數據非常重要，這樣汽車下線時的選項就可以歸結為特定的 VIN 號碼。因此，您不必追逐 35 種不同類型的鏡子，而只會得到一種鏡子，因為這確實會影響零件訂購和週期時間。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Thanks. This is Katie Keyser on tonight for Josh Baer. Maybe just more philosophically on margins. EBITDA upside was strong in the quarter against previous messaging for Q2 being that kind of low point in the year on margins. Impressive to see you move those up for the full year even with revenue coming down slightly. I guess, through this lens, kind of looking across the model, where are you seeing the most leverage? And looking ahead, is there further room for leverage in these areas? Just kind of speaking to the durability in these areas as it relates to margin expansion would be helpful. Thanks a lot.

偉大的。謝謝。我是凱蒂·凱瑟，今晚為喬許·貝爾做節目。也許只是在邊緣上更具哲學意義。本季 EBITDA 上漲勢頭強勁，而此前第二季度的利潤率處於年內低點。令人印象深刻的是，即使收入略有下降，您仍將全年的收入提高了。我想，透過這個鏡頭，檢視整個模型，你在哪裡看到了最大的槓桿作用？展望未來，這些領域是否還有進一步發揮作用的空間？只要談談這些領域的耐久性，因為它與利潤擴張有關，就會有所幫助。多謝。

Yeah, absolutely. Yeah. No, we feel good on the EBITDA position in the margin, and we did take up the midpoint within the updated guide, really on the strength we're seeing in the business. To your point on the sequential or seasonal components, we did have some cost phasing that benefited us in Q2 which helped the position, and that has some offset in the second half.

是的，絕對是。是的。不，我們對 EBITDA 的利潤率狀況感覺良好，並且我們確實佔據了更新指南中的中點，這實際上是基於我們在業務中看到的實力。對於您關於連續或季節性組成部分的觀點，我們確實有一些成本階段使我們在第二季度受益，這有助於我們的地位，並且在下半年有一些抵消。

And so that's why the margins have moved around a little bit, H1 to H2. But we did strengthen the guide for the full year. We see leverage across cost of revenue. We expect right now, gross profit is about 78%. We expect that to move more like 80% over time. And we see good leverage in sales and marketing and G&A. Revenue will continue to grow over those cost areas.

這就是為什麼利潤率從 H1 到 H2 發生了一些變化。但我們確實加強了全年的指南。我們看到了收入成本的槓桿作用。我們目前預計毛利約為78%。我們預計隨著時間的推移，這一比例將增加到 80% 左右。我們在銷售、行銷以及一般管理費用方面看到了良好的槓桿作用。在這些成本領域，收入將持續成長。

R&D will be the fastest-growing cost category over time, but we still believe there's leverage there as well. And we are seeing efficiency as we scale AI across our solutions, and so that will be helpful on the margins playing out over time as well.

隨著時間的推移，研發將成為成長最快的成本類別，但我們仍然相信其中也存在著槓桿作用。當我們在整個解決方案中擴展人工智慧時，我們看到了效率，因此隨著時間的推移，這也將有助於提高利潤。

Thank you.

謝謝。

Hey. This is Peter on the line for Tyler Radke. Thanks for taking the question. So you had called out that insurers are undertaking a large transformative architecture changes. Could you give a little bit more into detail on what those changes are that are slowing down the pace of emerging solution adoption, and then why is that a current trend given like the strong pricing and market condition in P&C? Thanks.

嘿。我是彼得，正在接聽泰勒·拉德克的電話。感謝您提出問題。因此，您曾指出保險公司正在進行大規模的架構變革。您能否更詳細地說明哪些變化正在減慢新興解決方案採用的速度，然後為什麼會出現像財產險行業強勁的定價和市場狀況這樣的當前趨勢？謝謝。

Yeah. These are not architecture changes. These are more operational changes to become much more efficient. That's really what we're talking about.

是的。這些不是架構變化。這些都是更多的營運變革，旨在提高效率。這正是我們正在談論的。

Okay. And then on your new solution to Intelligent Reinspection, just interested how you expect the adoption curve of that to play out. And then, could you give us an idea like where this stacks up on importance for customers looking to adopt new CCC solutions?

好的。然後是關於智慧重新檢查的新解決方案，只是對您期望其採用曲線如何發揮作用感興趣。然後，您能給我們一個想法嗎？

Sure. So what this solution does is, I think there's a release out there today, and it speeds up the whole process of doing reviews for literally tens of billions of dollars of collision repairs that insurers are working on their repair networks. And what this does is that the AI is actually -- looks at the carriers' rules and can speed up a lot of the decisions process, because the AI can be quite detailed and look at a lot of the nuances and essentially helping speed up and not hold up repair facilities to give approvals quicker and do a lot of those things.

當然。所以這個解決方案的作用是，我認為今天已經發布了一個版本，它加快了對保險公司正在其維修網絡上進行的數百億美元的碰撞維修進行審查的整個過程。這樣做的作用是，人工智慧實際上是——查看運營商的規則，可以加快很多決策過程，因為人工智慧可以非常詳細，可以查看很多細微差別，從本質上幫助加速和不要為了更快地獲得批准而拖延維修設施並做很多這樣的事情。

And so at the heart of it, you've got tens of billions of dollars of repair that between getting assignments, going to repair facilities, repairs being completed, payments being made -- so you've got all of that going back and forth. So the nice thing about this solution is we have a previous version of this solution that's been there for a very long period of time.

因此，其核心是，在接受任務、前往維修設施、完成維修、付款之間，你需要花費數百億美元的維修費用——所以你需要來回進行所有這些工作。這個解決方案的好處是我們有這個解決方案的早期版本，它已經存在很長一段時間了。

This is a step function change in the solution, and it can be implemented essentially in line with the existing workflows, no change to existing workflows, no change to integration and people can start using it right away and immediately. And the early feedback from customers who are testing it has been absolutely fantastic, and these are some of our largest customers who are testing it.

這是解決方案中的一步功能改變，基本上可以按照現有工作流程來實施，無需更改現有工作流程，無需更改集成，人們可以立即開始使用它。正在測試它的客戶的早期回饋絕對非常棒，這些是我們正在測試它的一些最大的客戶。

Thank you. I would now like to turn the conference back to Githesh Ramamurthy for closing remarks.

謝謝。現在我想請吉西什·拉瑪穆蒂 (Githesh Ramamurthy) 致閉幕詞。

Thank you all for joining us today. And as you can probably see, 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 at the same time, truly helping our customers in that transformative journey going forward.

感謝大家今天加入我們。正如您可能看到的那樣，我們業務模式的持久性不斷顯現，我們對實現策略和財務目標的能力仍然充滿信心，同時在未來的變革之旅中真正幫助我們的客戶。

And this week also marks our three-year anniversary of returning to the public markets, a very important milestone in our journey as a public company. And I'd really like to take this opportunity to thank our customers, our shareholders, and all CCC-ers for the tremendous work they do day in and day out, and we look forward to keeping you updated. Thank you so much.

本周也標誌著我們重返公開市場三週年，這是我們作為上市公司歷程中非常重要的里程碑。我真的想藉此機會感謝我們的客戶、股東和所有 CCC 員工日復一日所做的大量工作，我們期待向您通報最新情況。太感謝了。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。