CCC Intelligent Solutions Holdings Inc (CCC) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by, and welcome to CCC Intelligent Solutions third quarter fiscal 2024 earnings call. (Operator Instructions)

美好的一天，感謝您的支持，歡迎參加 CCC 智慧解決方案 2024 財年第三季財報電話會議。（操作員說明）

Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your speaker today, Bill Warmington, Vice President of Investor Relations. Please go ahead.

請注意，今天的會議正在錄製中。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。

Thank you, operator. Good afternoon and thank you all for joining us today to review CCC's third quarter, 2024 financial results which we announced in the press release issued following the close of the market today.

謝謝你，接線生。下午好，感謝大家今天與我們一起回顧 CCC 2024 年第三季的財務業績，我們在今天收盤後發布的新聞稿中宣布了這一結果。

Joining me on the call are Gitesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, the CCC CFO. 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 release is 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.

與我一起參加電話會議的還有 CCC 董事長兼執行長 Gitesh Ramamurthy；以及 CCC 財務長 Brian Herb。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 and Q&A that follows are copyrighted today by CCC Intelligence Solutions Holdings Incorporated. Any recording, retransmission, reproduction or other use of the same for profit or otherwise without prior consent of CCC is prohibited in a violation of United States copyright and other laws.

此外，這些評論以及隨後的問答今天均歸 CCC Intelligence Solutions Holdings Incorporated 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該內容，否則將違反美國版權法和其他法律。

Additionally, while we will provide a transcript of portions of this call, and we've 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，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 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. And now I'll turn the call over to Gitesh.

謝謝。現在我將把電話轉給 Gitesh。

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 financial performance. The third quarter of 2024 CCC's total revenue was $238 million up 8% year-over-year and slightly above our guidance range.

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財務業績。2024 年第三季 CCC 的總收入為 2.38 億美元，年增 8%，略高於我們的指導範圍。

As a reminder in Q3 of last year growth benefited by 1% from incremental one-time revenue on a subscription contract. Adjusted EBITDA for the quarter was $102 million up 9% year-over-year and ahead of our guidance range. Our adjusted EBITDA margin was 43% of approximately 60 basis points year-over-year.

正如去年第三季的提醒，去年增長了 1%，受益於訂閱合約的一次性增量收入。本季調整後 EBITDA 為 1.02 億美元，年增 9%，超出我們的指導範圍。我們調整後的 EBITDA 利潤率為 43%，較去年同期成長約 60 個基點。

Our solid performance in Q3 and year-to-date demonstrates our durable revenue growth and margin expansion, driven by multiple new business wins, renewals and contract expansions across our customer groups. While we are pleased with our consistently strong financial performance, we are even more excited about the value creation customers are realizing from our next generation of solutions. This is the foundation for the next leg of growth for CCC.

我們在第三季和今年迄今的穩健表現表明，在我們客戶群的多個新業務贏得、續約和合約擴展的推動下，我們的收入持續成長和利潤率擴大。雖然我們對持續強勁的財務業績感到滿意，但我們對客戶從我們的下一代解決方案中實現的價值創造感到更加興奮。這是CCC下一步成長的基礎。

In today's call, I'd like to cover three themes. The first is how paradigm shifts-step change, improvements in technology capabilities, propel transformation across the P&C insurance economy. The second is why CCC is uniquely well positioned to power the next transition. And third is the adoption of CCC's new generation of high impact solutions.

在今天的電話會議中，我想討論三個主題。第一個是典範轉移——逐步改變、技術能力的提高，如何推動整個財產和意外保險經濟的轉型。第二個原因是 CCC 處於獨特的有利地位，可以推動下一次轉型。第三是採用 CCC 新一代高影響力解決方案。

But looking back over the company's history, a key tenet of our durable growth model has been our ability to identify, invest ahead of and capitalize on technology paradigm shifts across the P&C insurance economy.

但回顧公司的歷史，我們持久成長模式的一個關鍵原則是我們有能力識別、提前投資並利用整個財產和意外保險經濟的技術範式轉移。

20 years ago our investments, in internet and cloud based architectures preceded and helped enable the industry's transition to platforms and dramatically more dynamic and connected operations. The subsequent rollout of CCC ONE for collision repairs also helped to power the emerging class of multistore operators who have benefited over many years from the scale of our highly integrated, best in class platform.

20 年前，我們對互聯網和基於雲端的架構的投資先於並幫助實現了行業向平台的過渡以及更動態和互聯的運營。隨後推出的用於碰撞修復的 CCC ONE 也有助於為新興的多商店營運商提供動力，這些營運商多年來一直受益於我們高度整合的一流平台的規模。

Over the past decade, our investments in advanced solutions on top of these architectures enable customers to realize further game changing improvements in efficiency and customer service. For example, our investments in mobile ahead of COVID 19 made it possible for the industry to keep processing claims and repairs when remote work became essential.

在過去的十年中，我們對基於這些架構的先進解決方案的投資使客戶能夠在效率和客戶服務方面實現進一步改變遊戲規則的改進。例如，我們在 COVID 19 之前對行動裝置的投資使得該行業能夠在遠端工作變得至關重要時繼續處理索賠和維修。

And today, over 100 insurers and thousands of collision repairs use these tools in their daily operations. And critically, we have consistently helped our customers navigate these transitions, through already established CCC integrations and workflows without having to replace their existing systems.

如今，超過 100 家保險公司和數千次碰撞維修在日常運作中使用這些工具。至關重要的是，我們透過已經建立的 CCC 整合和工作流程，始終如一地幫助客戶完成這些轉變，而無需更換他們現有的系統。

I believe we are at the beginning of an even more transformational shift that we call intelligent experience or IX for short, that combines artificial intelligence and event based architecture and the connectivity of our multisided network to help our customers, achieve a step change improvement, in operating performance and consumer experience.

我相信我們正處於一個更具變革性的轉變的開始，我們稱之為智慧體驗或簡稱IX，它將人工智慧和基於事件的架構以及我們多邊網路的連接性結合起來，以幫助我們的客戶實現階躍變革改進，經營績效與消費者體驗。

We believe macro industry forces make adoption of an IX based approach by the P&C insurance economy is essential for two primary reasons. The first is the pervasive and accelerating amount of complexity facing the industry, whether that is vehicle complexity, data proliferation, changing consumer expectations or other forces. These dynamics are impacting all participants in the P&C insurance economy and challenge even the most experienced professionals.

我們認為，宏觀產業力量使得財產和意外保險經濟採用基於 IX 的方法至關重要，主要原因有兩個。首先是產業面臨的普遍且不斷加劇的複雜性，無論是車輛複雜性、數據擴散、不斷變化的消費者期望或其他力量。這些動態正在影響財產與意外保險經濟的所有參與者，甚至對最有經驗的專業人士提出挑戰。

The second is industry wide labor shortages that are being made even more acute by the ongoing retirement of the industry's most tenured people. As a result, every month, the burden on an already strained industry and your workers grows. We believe this trend is unsustainable and can only be solved by embracing new IX driven approaches to technology that deliver, a transformational impact. As

第二個是整個行業的勞動力短缺，由於該行業最資深的員工不斷退休，勞動力短缺變得更加嚴重。結果，每個月，本已緊張的行業和工人的負擔都在增加。我們認為這種趨勢是不可持續的，只能透過採用新的 IX 驅動的技術方法來解決，從而帶來變革性的影響。作為

in previous waves, we have been investing ahead of the curve in key technologies that are essential to the IX era. Over $150 million in R&D annually and well over $1 billion dollars in the past decade.

在先前的浪潮中，我們一直在 IX 時代至關重要的關鍵技術上進行領先的投資。每年研發費用超過 1.5 億美元，過去十年研發費用遠超過 10 億美元。

The first of these technologies is AI where over the past decade, we have built deep expertise in building and deploying AI solutions for high value mission critical use cases. These solutions leverage hyper scale hyper local data and can be seamlessly integrated into our customers' existing workflows.

這些技術中的第一個是人工智慧，在過去的十年中，我們在為高價值任務關鍵用例建置和部署人工智慧解決方案方面積累了深厚的專業知識。這些解決方案利用超大規模超本地數據，可以無縫整合到我們客戶的現有工作流程中。

They've also been tested at scale by some of the world's most sophisticated customers when it comes to performance. AI is now an eight-figure business for CCC. And while these solutions have already been used across tens of millions of claims with aggregate value in the billions of dollars, we believe that we are still just scratching the surface of what is possible from deploying AI across all aspects of the P&C insurance economy.

在性能方面，它們也經過了一些世界上最成熟的客戶的大規模測試。人工智慧現在對 CCC 來說是一項八位數的業務。儘管這些解決方案已在總價值達數十億美元的數千萬索賠中得到應用，但我們相信，在財產和意外傷害保險經濟的各個方面部署人工智慧所帶來的可能性，我們只是觸及了表面。

The second key technology we've been investing, is our new event driven architecture, powering the CCC IX cloud. Think of this architecture as the distribution system for AI enabled workflows. The architecture can handle massive amounts of data from multiple sources in real time. It uses a published and subscribe model which enables everyone in our 35,000 plus company network to set up notifications for relevant business events and also to configure actions based on those events using AI.

我們一直在投資的第二項關鍵技術是我們新的事件驅動架構，為 CCC IX 雲端提供動力。將此架構視為支援人工智慧的工作流程的分發系統。該架構可以即時處理來自多個來源的大量資料。它使用發布和訂閱模型，使我們 35,000 多家公司網路中的每個人都可以設定相關業務事件的通知，並使用人工智慧根據這些事件配置操作。

Important business event notifications might include depending on the customer and their place within the P&C insurance economy estimate complete, parts ordered, vehicle ready for pickup. Today, these notifications may take place ad hoc through bilateral connections or even by phone or email with the CCC IX cloud, they can take place instantly and simultaneously across our connected ecosystem.

重要的業務事件通知可能包括根據客戶及其在財產和意外保險經濟中的位置估計完成、零件訂購、車輛準備取貨。如今，這些通知可以透過雙邊連接，甚至透過 CCC IX 雲端的電話或電子郵件來臨時發出，它們可以在我們的互聯生態系統中即時、同時發出。

The CCC IX cloud is a powerful accelerant for clients to achieve a step change improvement in speed efficiency and performance. Implementation of the event-based architecture is streamlined because it is an internal layer that overlays onto existing CCC cloud applications, customer workflows and integrations with customer and partner systems.

CCC IX雲端是客戶實現速度、效率和效能階躍提升的強大促進劑。基於事件的架構的實施得到了簡化，因為它是一個涵蓋現有 CCC 雲端應用程式、客戶工作流程以及與客戶和合作夥伴系統整合的內部層。

IX cloud enables customers to deploy CCC solutions faster and easier and increases the number of ways customers can use multiple CCC solutions together. This further extends the value of the CCC network to our customers. Whether that customer is an insurer, collision repairer, auto manufacturer, parts supplier, dealer, medical provider among others. We have been supplementing these technology investments with additional activities that increase our ability to support customers on their transformation journey.

IX 雲端使客戶能夠更快、更輕鬆地部署 CCC 解決方案，並增加了客戶同時使用多個 CCC 解決方案的方式。這進一步擴大了 CCC 網路對我們客戶的價值。該客戶是否為保險公司、碰撞修理商、汽車製造商、零件供應商、經銷商、醫療提供者等。我們一直在透過其他活動來補充這些技術投資，以提高我們支持客戶轉型之旅的能力。

These include the completion of our transition to the public cloud as well as changes we've made to streamline our customer facing organizations so we can be an even stronger partner to our customers as they deploy our high impact solutions and transform their operations.

其中包括完成向公有雲的過渡，以及為簡化面向客戶的組織而做出的改變，以便在客戶部署我們的高影響力解決方案並轉變其營運時，我們可以成為客戶更強大的合作夥伴。

I would like to turn next to the progress of our newer products. Remain very excited about the growth opportunity from our emerging solutions and this portfolio of products continues to be the fastest growing part of CCC with additional customer contract wins and momentum each quarter.

接下來我想談談我們新產品的進度。我們對新興解決方案帶來的成長機會感到非常興奮，該產品組合仍然是 CCC 成長最快的部分，每個季度都會贏得更多客戶合約並保持強勁勢頭。

While the pipeline for these solutions continues to build, backed by strong demonstrated ROI and feedback from customers. The velocity of revenue conversion from these new solutions remains slower than anticipated. Consistent with what we described last quarter as clients continue to navigate their internal change management processes to fully realize the benefits of these transformative solutions.

在這些解決方案的管道不斷建立的同時，得到了強大的投資回報率和客戶回饋的支持。這些新解決方案的收入轉換速度仍然慢於預期。與我們上季度所描述的一致，客戶繼續探索其內部變革管理流程，以充分實現這些變革性解決方案的優勢。

The main reason customers are enthusiastic about our innovation portfolio is the bottom line ROI these solutions deliver and I thought I'd share some select examples of how we're doing that by bringing intelligent experiences to life for customers. I'll start with first look. Our AI tool for claim handlers, as a reminder, first look applies a variety of AI models to photos that insurers receive from consumers, repairers and a variety of other sources.

客戶對我們的創新產品組合充滿熱情的主要原因是這些解決方案帶來的投資回報率底線，我想我會分享一些精選的範例，說明我們如何透過為客戶的生活帶來智慧體驗來做到這一點。我將從第一眼開始。提醒一下，我們為索賠處理人員提供的人工智慧工具首先將各種人工智慧模型應用於保險公司從消費者、維修人員和各種其他來源收到的照片。

Top 10 insurer piloting first look has been using it to improve claims triage, for example, by more quickly identifying likely total losses sitting at repair facilities. Early results for this insurer have shown an average cycle time improvement of three days to redirect such claims, reducing rental and storage fees, freeing up space in the repair facility for repairable vehicles, and overall providing a faster and more satisfying resolution for the consumer.

試點先行的十大保險公司一直在使用它來改善索賠分類，例如，透過更快地識別維修設施中可能存在的總損失。該保險公司的早期結果顯示，重定向此類索賠的平均週期時間縮短了三天，減少了租金和倉儲費，為可維修車輛騰出了維修設施的空間，總體上為消費者提供了更快、更令人滿意的解決方案。

We're also seeing strong early results from intelligent reinspection which uses AI to help insurers streamline the review of incoming repair facility estimates. Insurers receive millions of such estimates each year and intelligent reinspection helps re inspectors review increasingly complex estimates quickly shortening the time to approval.

我們還看到智慧重新檢查的強勁早期結果，該檢查使用人工智慧幫助保險公司簡化對即將到來的維修設施估算的審查。保險公司每年都會收到數百萬份此類估算，智慧重新檢查可幫助檢查員審查日益複雜的估算，從而快速縮短批准時間。

We have multiple TOP 20 insurers piloting the product and the results show a substantial increase in operating efficiency. Rounding out insurance, our AI powered subrogation solution continues to build on the momentum from previous quarters. With double digit percentage increases from Q2 to Q3 in the number of files reviewed and in customer value delivered from the tool.

我們有多家排名前20的保險公司試用該產品，結果顯示營運效率大幅提高。除了保險之外，我們的人工智慧代位解決方案繼續延續前幾季的勢頭。從第二季度到第三季度，審查的文件數量和該工具交付的客戶價值均以兩位數百分比增長。

Our pipeline and subrogation is strong and the feedback from contracted customers has been very positive. For repair facility clients, we are seeing increased adoption of our intelligent estimating solution for shops, mobile jumpstart. But 45% of repair estimates are written by technicians and repair facilities. Jumpstart uses AI to dramatically reduce the time it takes technicians to generate an initial estimate, from 0.30 hour to about 90 seconds.

我們的管道和代位權很強大，簽約客戶的回饋非常正面。對於維修設施客戶來說，我們看到我們的智慧估算解決方案越來越多地採用商店、行動啟動。但 45% 的維修估價是由技術人員和維修機構撰寫的。Jumpstart 使用 AI 顯著縮短了技術人員產生初步估計所需的時間，從 0.30 小時縮短到約 90 秒。

We now have thousands of repair facilities, generating hundreds of thousands of estimates using jumpstart. This is helping labor challenged, collision repairs, get vehicles repaired and back on the road faster, providing a win to repair facilities, consumers and insurers and also helping to positively impact the approximately 2 billion days that elapse every year between auto claims being opened and closed.

我們現在擁有數千個維修設施，使用 Jumpstart 產生數十萬個估計值。這有助於解決勞工問題、碰撞修復、讓車輛更快修復並重新上路，為維修設施、消費者和保險公司帶來雙贏，還有助於對每年從汽車索賠開始到結束之間約20億天的時間產生正面影響。

On our last earnings call, I mentioned the recent launch of CCC Build Sheets. The CCC ONE add on that provides collision repairs with data that automatically identifies vehicle specific packages, paint codes and parts based on how that vehicle was manufactured.

在我們上次的財報電話會議上，我提到了最近推出的 CCC Build Sheets。CCC ONE 附加組件可提供碰撞修復數據，並根據車輛的製造方式自動識別車輛特定的包裝、油漆代碼和零件。

This solution helps repairs more precisely identify the vehicle and also reduces manual effort resulting in fewer parts, ordering errors and shorter cycle times. Since the product was introduced in July, we have signed up over 2,000 repair facilities, the fastest adoption rate of any repair facility product in CCC's history.

此解決方案有助於維修人員更準確地識別車輛，並減少人工工作量，從而減少零件數量、訂購錯誤並縮短週期時間。自 7 月推出該產品以來，我們已與 2,000 多家維修機構簽約，這是 CCC 歷史上所有維修機構產品採用率最快的。

We also recently launched another exciting product extension, CCC payroll. This solution further expands the breadth of CCC ONE as the operating system for repair facilities. By extending our traditional strengths in the front office and repair operations to the back office.

我們最近還推出了另一個令人興奮的產品擴展，CCC 薪資。此解決方案進一步擴展了 CCC ONE 作為維修設施作業系統的廣度。將我們在前台和維修業務方面的傳統優勢擴展到後台。

CCC ONE already calculates billions of dollars of gross pay for hundreds of thousands of collision repair employees each year and with CCC payroll, we have established a complete end to end payroll solution for the collision repair industry.

CCC ONE 每年為數十萬名碰撞維修員工計算出數十億美元的總薪資，透過 CCC 薪資，我們為碰撞維修業建立了完整的端到端薪資解決方案。

This differentiated solution addresses peace rates, commissions, incentives and other factors inherent to the collision repair industry and is fully integrated into CCC ONE. The product is now live with 100% of our early pilot customers converting to paying customers. And we also see potential for a variety of other new category extensions beyond payroll moving forward.

這個差異化的解決方案解決了碰撞維修行業固有的和平費率、佣金、激勵措施和其他因素，並完全整合到 CCC ONE 中。該產品現已上線，我們 100% 的早期試點客戶轉化為付費客戶。我們也看到了薪資以外的各種其他新類別擴展的潛力。

We believe that the next paradigm shift of technology transformation for the P&C insurance economy has begun and that CCC is well positioned to help our clients, navigate this journey. By combining our multisided network with our AI capabilities and IX cloud platform, we believe we can continue to deliver high ROI solutions for our customers that solve their most pressing problems and we are investing accordingly to capitalize on this generational opportunity.

我們相信，財產與意外傷害保險經濟技術轉型的下一個典範轉移已經開始，CCC 已準備好幫助我們的客戶順利度過這趟旅程。透過將我們的多邊網路與人工智慧功能和IX 雲端平台結合，我們相信我們可以繼續為客戶提供高投資回報率的解決方案，解決他們最緊迫的問題，我們正在相應地進行投資，以利用這一代機會。

Well, the velocity of our new products contribution to revenue is taking longer than we initially expected. We believe this is a timing issue driven by the pacing of each client's digital transformation journey. And we remain confident in our ability to deliver our strategic and financial objectives. Over the near and long term.

嗯，我們的新產品對收入的貢獻速度比我們最初預期的要長。我們認為這是一個由每個客戶的數位轉型之旅的節奏驅動的時間問題。我們對實現策略和財務目標的能力仍然充滿信心。從近期和長期來看。

I will now turn the call over to Brian. Who'll walk you through our results in more detail.

我現在將把電話轉給布萊恩。誰將引導您更詳細地了解我們的結果。

Thanks Gitesh. As Gitesh highlighted, we continue to see strong client engagement across our broadening solution set and we are pleased with our solid revenue growth, margin expansion and the free cash flow generation of the business, which reflects a balance between investment in our growth initiatives and ongoing margin discipline.

謝謝吉特什。正如Gitesh 所強調的那樣，我們繼續看到客戶在我們不斷擴大的解決方案中的強勁參與，我們對我們穩健的收入成長、利潤率擴張和業務自由現金流的產生感到滿意，這反映了對我們的成長計畫的投資與持續的投資之間的平衡。

Now, as we turn to the numbers like to review our third quarter, 2024 results and then provide guidance for the fourth quarter in full year 2024. Total revenue in the third quarter was $238.5 million up 8% from the prior year period. In the third quarter of last year, we had a 1 percentage point benefit from one time revenue on a subscription contract. Adjusting for this benefit year over year growth in the third quarter, 2024 would be 9%.

現在，當我們轉向數位時，我們會回顧 2024 年第三季的業績，然後為 2024 年全年第四季提供指導。第三季總營收為 2.385 億美元，比去年同期成長 8%。去年第三季度，我們從訂閱合約的一次性收入中獲得了 1 個百分點的收益。調整此效益後，2024 年第三季的年成長率為 9%。

Approximately 5% point of our growth in Q3 was driven from cross sell, up sell and the adoption of our solutions across our client base, including repair shop upgrades and the continued adoption and the going emerging solutions and the ongoing strength in casualty and parts that said we have seen some softness affecting claim volume across 2024.

第三季我們的成長約 5% 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，包括維修店升級和持續採用以及新興解決方案以及在傷亡和零件方面的持續優勢表示我們發現2024 年索賠量出現了一些疲軟的影響。

Approximately three points of growth came from our new logos mostly in our repair facilities and parts suppliers. About one point of growth in Q3 came from our emerging solutions mainly diagnostics estimate STP, and new adjacent casualty solutions run rate from emerging solutions overall was about 3% of total revenue in Q3 of 2024. As these solutions continue to be the fastest growing portion of our portfolio.

大約三個百分點的成長來自我們的新商標，主要是在我們的維修設施和零件供應商。第三季大約一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，新興解決方案帶來的新的相鄰傷亡解決方案總體運作率約為 2024 年第三季總收入的 3%。這些解決方案仍然是我們產品組合中成長最快的部分。

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 Q3 2024 our GDR was 99% which is in line with the last quarter. Note that since the first quarter of 2020 our GDR has been between 98% and 99% and is either rounded up or down driven primarily by repair shop industry churn.

現在轉向我們的關鍵指標，軟體毛美元保留或 GDR 反映了與上一年同期相比從我們的客戶群保留的收入金額。2024 年第三季度，我們的 GDR 為 99%，與上季持平。請注意，自 2020 年第一季以來，我們的 GDR 一直在 98% 至 99% 之間，並且主要由於維修店行業的流失而向上或向下舍入。

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 strong GDR is a core tenant of our predictable and resilient revenue model. Software net dollar retention or NDR captures the amount of cross sell and up sell from our existing customers compared to the prior year period as well as volume movements in our auto physical damage client base in Q3 2024 our NDR was 106% down modestly from 107% in Q2 2024.

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。我們強大的 GDR 是我們可預測且有彈性的收入模式的核心租戶。軟體淨美元保留率或NDR 反映了與上一年同期相比，我們現有客戶的交叉銷售和追加銷售量，以及2024 年第三季度我們的汽車物理損壞客戶群的數量變動，我們的NDR 從107% 略微下降了106% 2024 年第二季。

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 $186 million, adjusted gross profit margin was 78% which was flat sequentially and year over year overall, we feel good about the operating leverage and the scalability of our business model and our ability to deliver against our long term adjusted gross profit margin of 80%.

現在，我將更詳細地回顧損益表作為提醒，除非另有說明，否則所有指標均為非公認會計原則。我們在新聞稿中提供了 GAAP 與非 GAAP 指標的調整表。本季調整後毛利為 1.86 億美元，調整後毛利率為 78%，與上一季持平，總體與去年同期持平，我們對營運槓桿和業務模式的可擴展性以及我們長期交付的能力感到滿意調整後毛利率為80%。

In terms of expenses adjusted operating expense in Q3, 2024 was $95 million, which is up 6% year-over-year. This was mainly driven by higher it related expenses. In the timing of professional services cost. Adjusted EBITDA for the quarter was $102 million up 9% year-over-year with an adjusted EBITDA margin of 43%.

費用方面，2024 年第三季調整後營運費用為 9,500 萬美元，年增 6%。這主要是由於資訊科技相關費用增加所致。在專業服務的時間成本上。該季度調整後 EBITDA 為 1.02 億美元，年增 9%，調整後 EBITDA 利潤率為 43%。

Q3 adjusted EBITDA had some phasing about. some expenses shifted from Q3 into Q4. Now turning to the balance sheet and cash flow, we ended the quarter with $286 million in cash and cash equivalents and $778 million of debt at the end of the quarter, our net leverage was 1.3 times, adjust EBITDA.

第三季調整後的 EBITDA 有一些階段性變化。一些費用從第三季轉移到第四季。現在轉向資產負債表和現金流，本季末我們的現金和現金等價物為 2.86 億美元，季末債務為 7.78 億美元，調整 EBITDA 後，我們的淨槓桿率為 1.3 倍。

Free cash flow in Q3 was $49 million compared to $46 million in the prior year period. Free cash flow on a trailing 12 month basis was $200 million which is up 4% year-over-year, our trailing 12 month free cash flow margin as of Q3, 2024 was 22% down modestly from 23% as of Q3 a year ago.

第三季的自由現金流為 4,900 萬美元，去年同期為 4,600 萬美元。過去 12 個月的自由現金流為 2 億美元，年增 4%，截至 2024 年第三季度，我們過去 12 個月的自由現金流利潤率比一年前第三季的 23% 小幅下降 22% 。

We did have some modest impact to the timing of receivables for a few of our larger clients. The significant balances have already been collected in October. Unlevered free cash flow in Q3 was $61 million or approximately 60% of our adjusted EBIDA. While our level of free cash flow can vary quarter to quarter.

我們確實對一些大客戶的應收帳款時間產生了一些適度的影響。大量餘額已於 10 月收回。第三季的無槓桿自由現金流為 6,100 萬美元，約佔調整後 EBIDA 的 60%。雖然我們的自由現金流水準可能每季都有所不同。

We expect it to continue to average out in the low to mid 60% range of our adjusted EBITDA on an annual basis. I'll now discuss guidance beginning in Q4 2024. We expect revenue between $242.5 million to $246.5 million, which represents 7% growth year-over-year at the midpoint.

我們預計每年調整後 EBITDA 的平均值將繼續保持在 60% 的中低範圍內。我現在將討論從 2024 年第四季開始的指導。我們預計營收在 2.425 億美元至 2.465 億美元之間，中間值年增 7%。

We expect adjusted EBIDTA of $103 to $105, a 43% of adjusted EBITDA margin at the midpoint. For the full year. 2024, we expect total revenue of $941 million to $945 million, which is 9% year-over-year growth and is unchanged versus our previous range.

我們預計調整後 EBITDA 為 103 至 105 美元，調整後 EBITDA 利潤率為中點的 43%。全年。到 2024 年，我們預計總收入為 9.41 億美元至 9.45 億美元，年增 9%，與我們之前的範圍保持不變。

For our just EBITDA, we are raising the full year 2024 range to $394 million to $396 million a $2 million increase at the midpoint. The midpoint of our new guidance range represents about 110 basis points of year over year expansion in adjusted EBITDA margin to 42% for 2024.

對於我們的 EBITDA，我們將 2024 年全年的範圍提高到 3.94 億美元至 3.96 億美元，中間增加了 200 萬美元。我們新指引範圍的中點代表 2024 年調整後 EBITDA 利潤率較去年同期擴張約 110 個基點至 42%。

So three things to keep in mind as you think about our Q4 and full year guidance of 2024. The first point is as we mentioned in our call in February of this year, Q4, 2023 revenue growth had about one point of benefit from one-time items in year end above our contractual commitments on subscription contracts, which gives us a more difficult year over year comp for us in Q4 of this year.

因此，在您思考我們的第四季和 2024 年全年指引時，需要記住三件事。第一點是，正如我們在今年2 月的電話會議中提到的，2023 年第四季度的收入增長比我們對訂閱合約的合約承諾在年底的一次性項目中受益約一個點，這讓我們度過了更加困難的一年今年第四季我們的年度比較。

The second point is as I referred to earlier, we have seen some softness in claim volume during this year. About 20% of our revenue has transactional volume components. Year-to-date through September, we estimate claim volumes are down approximately 6% year-over-year, implying about a one points headwind of revenue growth. So that can vary depending on solution and client mix.

第二點是，正如我之前提到的，今年的索賠量出現了一些疲軟。我們約 20% 的收入來自交易量部分。今年迄今截至 9 月份，我們估計索賠量年減約 6%，這意味著收入成長將受到約 1 個百分點的阻力。因此，這可能會根據解決方案和客戶組合而有所不同。

The third consideration is that the midpoint of our updated guidance implies a necessity EBITDA margin of about 43% in Q4 and about 42% for the full year 2024. Consistent with our past performance. We expect Q4 to represent the peak margin for the year. As such we expect the starting point for next year's margin expansion will be on the full year 2024 margin of 42%.

第三個考慮因素是，我們更新的指引的中點意味著第四季度的 EBITDA 利潤率必須約為 43%，2024 年全年約為 42%。與我們過去的表現一致。我們預計第四季將代表全年利潤率高峰。因此，我們預計明年利潤率擴張的起點將為 2024 年全年利潤率為 42%。

Also as a reminder in Q4 2023 we benefited from a $3 million one-time insurance claim reimbursement which we expect to create a 1% point margin impact as we lap this in Q4 of this year. So as we wrap up, I would highlight our continued confidence in our ability to deliver our long term target of 7% to 10% organic revenue growth in 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.

另外提醒一下，我們在 2023 年第四季受益於 300 萬美元的一次性保險索賠報銷，我們預計這將在今年第四季實現 1% 的利潤率影響。因此，在結束時，我要強調，隨著我們繼續執行我們的策略重點並產生顯著的收益，我們對實現7% 至10% 的有機收入成長（調整後EBITDA 利潤率為40% 中期）的長期目標充滿信心。

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

有了該接線員，我們現在就可以回答問題了。

(Operator Instructions) Kirk Materne, Evercore ISI.

（操作員說明）Kirk Materne，Evercore ISI。

Yes, thanks very much and congrats on the quarter. Githesh, I was wondering, can you just talk about what you think needs to happen to sort of unstick the bottleneck in terms of some of the adoption of your newer products? Is there anything either at a macro level or industry level that needs to happen? Or are there things that you can do to sort of grease the skids, if you will, just if you're thinking -- as we start thinking about 2025?

是的，非常感謝並祝賀本季。Githesh，我想知道，您能否談談您認為需要採取哪些措施來打破新產品採用方面的瓶頸？在宏觀層面或產業層面上有什麼需要發生的嗎？或者，當我們開始考慮 2025 年時，如果您願意，您可以做一些事情來緩解困境嗎？

Sure. First and foremost, if you look back over the last 20-plus years, we've rolled out $1 billion of product, which is essentially new, right? So we've been through waves of adoption. And it almost always comes down to three very specific things. A, first and foremost, it takes a substantial amount of energy from our customers to pilot, to look at new workflows, to put these new solutions in play, make sure they are being tested, compute, calculate the ROI of these solutions and then think through what does it take to really implement them.

當然。首先，如果你回顧過去 20 多年，我們已經推出了價值 10 億美元的產品，這本質上是新的，對嗎？所以我們經歷了採用浪潮。它幾乎總是歸結為三個非常具體的事情。答，首先也是最重要的，我們的客戶需要投入大量的精力來進行試點、研究新的工作流程、將這些新的解決方案投入使用、確保它們經過測試、計算、計算這些解決方案的投資回報率，然後思考如何真正實施它們。

And on that score, when I look at those three metrics, for all of these new solutions, we're making very, very good progress. And I think what we see is as customers start to roll out like, for example, when you look at even solutions like Estimate-STP that we've talked about before, we've gone from 3% last quarter to 4% adoption. So I think this is -- so it's the consistency of working through those, and we are very engaged, very focused with each of our customers in multiple pilots just working through it. So just the --

就這一點而言，當我查看這三個指標時，對於所有這些新解決方案，我們正在取得非常非常好的進展。我認為我們看到的是，隨著客戶開始推出，例如，當您查看我們之前討論過的 Estimate-STP 等解決方案時，我們的採用率已從上個季度的 3% 上升到 4%。所以我認為這是 - 所以這是透過這些工作的一致性，我們非常投入，非常專注於我們的每個客戶在多個試點中的工作。所以只要--

I was just going to say, as a sort of a follow-up for Brian or you, Githesh, just on the softness in claim volume this year, one of the things you guys have talked about historically has been that while claims can go up and down, the cost per claim is going up as the complexity of vehicles. Does that factor in at all as you talk to customers going forward, meaning if claim volume were to remain a little bit depressed? Is there an opportunity to go back to talk about the broader value as contracts renew just to get away from some of the variability of that? Thanks.

我只是想說，作為 Brian 或你 Githesh 的後續行動，就今年索賠量的疲軟而言，你們歷史上談論過的事情之一是，雖然索賠量可能會上升隨著車輛的複雜性的增加，每次索賠的成本也隨之上升。當您未來與客戶交談時，這是否會被考慮在內，這意味著索賠量是否仍然有點低迷？當合約續約時，是否有機會回去討論更廣泛的價值，只是為了擺脫其中的一些可變性？謝謝。

Sure. So first of all, we've seen these cycles go up and down. And as we talk to a lot of our customers, what we're seeing is that the number of -- if you look at vehicle miles driven, you look at the number of accidents, we don't think there's a material change. At least more importantly, our customers don't think there's a material change.

當然。首先，我們看到這些週期有起有落。當我們與許多客戶交談時，我們看到的是，如果你看看車輛行駛里程，看看事故數量，我們認為沒有實質變化。至少更重要的是，我們的客戶認為沒有重大變化。

What is happening is that if you look over the last 18 months or so, as cost of insurance, the premiums have gone up substantially higher than CPI. Whether you take CPI or core CPI, cost of insurance has gone up significantly. And there's a certain amount of reluctance to file claims that says, I could get a price increase or something, and we think we're about 18 months into that cycle. And at least the belief from our customers and what we see is that will even itself out as you go forward in another quarter or two.

正在發生的情況是，如果你看看過去 18 個月左右的時間，作為保險成本，保費的漲幅大大高於消費者物價指數 (CPI)。無論是CPI還是核心CPI，保險成本都大幅上漲。有一定程度的人不願意提出索賠，說我可能會漲價或採取其他措施，我們認為這個週期已經進入了大約 18 個月。至少我們客戶的信念以及我們所看到的情況是，隨著您在接下來的一兩個季度內繼續前進，這種情況將會消失。

So we are not factoring any material increases in claim frequency. And the most important thing for us is really the breadth of the solutions we have because every claim has many different components to it. And so it's the breadth of the solutions that we're delivering that we're focused on.

因此，我們沒有考慮索賠頻率的任何實質增加。對我們來說，最重要的是我們擁有的解決方案的廣度，因為每項索賠都有許多不同的組成部分。因此，我們關注的是我們提供的解決方案的廣度。

Thank you all.

謝謝大家。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yeah, thank you all for the questions tonight. One for you Githesh, along the lines of the first question. Are you contemplating or planning any changes in how you either sell to your customers or helping with onboarding to increase the conversion rate of the emerging solutions? Or would that not be impactful in your view?

是的，謝謝大家今晚提出的問題。一個給你的 Githesh，與第​​一個問題類似。您是否正在考慮或計劃對向客戶銷售或幫助客戶入職的方式進行任何改變，以提高新興解決方案的轉換率？或者您認為這不會產生影響？

You know, what we are doing is we've aligned our client-facing organizations to be -- to put a little more energy in terms of the number of pilots and the number of solutions we are working with customers. And it is -- we believe it's a matter of time as these solutions get rolled out. We're seeing that with early customers who are seeing tremendous ROI.

您知道，我們正在做的是調整我們面向客戶的組織，在試點數量和我們與客戶合作的解決方案數量方面投入更多精力。我們相信，這些解決方案的推出只是時間問題。我們在早期客戶身上看到了這一點，他們看到了巨大的投資報酬率。

And we're working closer with customers, but at the same time, I would just say, the volume of pilots that we're experiencing across all our new solutions is significantly higher. And so we feel very good about the pipeline of customers. So it is customer specific. It's not a macro issue in any way, shape or form

我們正在與客戶更密切地合作，但同時，我想說的是，我們在所有新解決方案中經歷的試點數量顯著增加。因此，我們對客戶管道感覺非常好。所以這是客戶特定的。無論如何，這不是一個宏觀問題

Okay. And that's my second question, Githesh. Heard from a number of partners and resellers, there is some caution or pause in front of the election. Any sense that there's any pause in your customers in front of the election given some of the uncertainty around tax and other factors?

好的。這是我的第二個問題，吉瑟斯。從一些合作夥伴和經銷商得知，選舉前存在一些謹慎或暫停的態度。鑑於稅收和其他因素的一些不確定性，您的客戶在選舉前是否有任何停頓？

No, we don't believe it's a macro issue. We don't see any macro issues. In fact, many of our customers that report publicly are seeing the highest levels of profit. And they also know that this is the time to really prepare to put the next generation of solutions in place.

不，我們不認為這是一個宏觀問題。我們沒有看到任何宏觀問題。事實上，我們的許多公開報告的客戶都看到了最高水準的利潤。他們也知道，現在是真正準備好實施下一代解決方案的時候了。

When you look at the insurance industry over any period of time, these cycles can be very, very tight. You can have a cycle where things are looking very good and then economic cycle where profitability is under a lot of pressure. And our customers are in this for the long haul. And we don't see any macro issues whatsoever.

當你觀察任何時期的保險業時，這些週期都可能非常非常緊張。您可能會遇到一個情況看起來非常好的週期，然後出現一個盈利能力面臨很大壓力的經濟週期。我們的客戶將長期致力於此。我們沒有看到任何宏觀問題。

Great. Thank you, Githesh.

偉大的。謝謝你，吉瑟斯。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, guys, thanks for the questions here. Maybe, Githesh, you touched on it quite a bit in your prepared remarks around kind of the interoperability and integration of IX Cloud with your existing kind of data network. It feels like that has the potential to be a notable amplifier of kind of that value proposition for some of these customers that are running these pilots.

嘿，夥計們，謝謝你們提出的問題。也許，Gitesh，您在準備好的評論中多次談到了 IX Cloud 與現有資料網路的互通性和整合。對於運行這些試點的一些客戶來說，感覺這有可能成為這種價值主張的顯著放大器。

So I guess how are you thinking about that impact and that dynamic on ROI versus kind of the change management and the internal focus that might be a little bit less out of your control as you've kind of talked to as well here?

所以我想你如何看待這種影響以及對投資回報率的動態與變革管理和內部焦點的關係，這些變化管理和內部焦點可能不太像你在這裡談論的那樣超出你的控制？

Yes. So what we are seeing is with IX Cloud, customers are looking at sometimes multiple solutions at the same time. For example, a customer might be putting in First Look, Intelligent Reinspection, Subro, and Casualty in different parts of the organization, piloting multiple solutions to the same time.

是的。因此，我們看到的是，透過 IX Cloud，客戶有時會同時考慮多個解決方案。例如，客戶可能會在組織的不同部門部署 First Look、Intelligent Reinspection、Subro 和 Casualty，同時試用多個解決方案。

And there's an efficiency that comes about when you do multiple solutions and the -- exactly as you pointed out, the interoperability of these solutions is super helpful. So I would say it varies client to client in terms of the value.

當您執行多個解決方案時，就會產生效率，正如您所指出的，這些解決方案的互通性非常有幫助。所以我想說，不同客戶的價值是不同的。

But at the heart of it, we look at the ROI for every individual solution and we look at the aggregate ROI, and so far, the results that we see are -- absolutely been terrific. And I look at this from 20-plus years of delivering solutions to this industry, and we feel very good about the value that's being delivered.

但其核心是，我們著眼於每個單獨解決方案的投資回報率，以及整體投資回報率，到目前為止，我們看到的結果絕對是非常棒的。我從 20 多年來為該行業提供解決方案的經驗來看，我們對所提供的價值感到非常滿意。

Okay, great. That makes sense. And then if we think about it from like an industry perspective as well, too, Githesh, a question I get somewhat frequently as well, too, is on the impact of with this kind of hardening environment, the impact then shifts from -- towards total loss from repairs.

好的，太好了。這是有道理的。然後，如果我們也從行業角度思考這個問題，Gitesh，我也經常收到的一個問題是關於這種強化環境的影響，然後影響從——轉向維修造成的全部損失。

Can you kind of walk us through the nuance maybe relative to those two? It feels like it kicks off in and of itself additional kind of workloads and processes, maybe brings other solutions to the conversation that weren't as readily addressable on the repair side. But how should we think about kind of that trend of what we're seeing relative to total loss versus the repair side? Thank you.

您能否向我們介紹一下與這兩者相關的細微差別？感覺它本身就啟動了額外的工作負載和流程，也許會為對話帶來其他解決方案，而這些解決方案在維修方面並不那麼容易解決。但是，我們應該如何看待我們所看到的相對於總損失與修復方面的趨勢？謝謝。

Yes, sure. Let me comment on that. So at the peak, I would say, about six quarters ago, we saw total loss values of -- that is the cost it takes to settle a total loss, peak at a little over $16,000 -- $16,500 or so. What we have seen since then as used car valuations have dropped, we track this very, very closely because of the accuracy we need to maintain, we're seeing used car valuations, and therefore, total loss values are now down in the 14% range.

是的，當然。讓我對此發表評論。因此，我想說，大約六個季度前，我們看到的總損失價值為——這是解決總損失所需的成本，高峰略高於 16,000 美元——16,500 美元左右。從那時起我們看到，隨著二手車估值的下降，我們非常非常密切地跟踪這一點，因為我們需要保持準確性，我們看到二手車估值，因此，總損失值現在下降了14 %範圍。

So what this has meant is that there's been a slight increase in the number of vehicles that are totaled. So if you look at the shift between repairable vehicles and total losses, that used to be 79-21. And so we've seen a small shift in that going to probably like a 76-24.

這意味著車輛總數略有增加。因此，如果你看看可修復車輛與總損失之間的變化，你會發現，過去的比例是 79-21。所以我們看到了一個小變化，可能會變成 76-24。

But at the same time, there's two or three other variables that come into play, which is newer vehicles, as they come onstream, are also a lot more expensive to repair. So we have seen a slight increase in total losses and maybe a slight decrease in repairables. But by and large, this is where customers -- solutions like First Look become extraordinarily important because you don't want a vehicle that is a total sitting at a repair facility too long.

但同時，還有兩三個其他變數在起作用，即較新的車輛投產後的維修成本也高得多。因此，我們看到總損失略有增加，可修復的損失可能略有減少。但總的來說，這就是客戶——「First Look」等解決方案變得異常重要的地方，因為您不希望車輛在維修設施中停留太久。

You need to be able to take that out pretty quickly using photo and AI. So the accuracy of making these decisions becomes even more critical. So some of our solutions like our First Notice of Loss, our Predictive Analytics tool at the front end, that helps you decide which way to go. So it is causing customers to really think through holistically, how you look at all of these pieces together as opposed to -- because of this dynamic nature.

你需要能夠使用照片和人工智慧快速地解決這個問題。因此，做出這些決策的準確性變得更加重要。因此，我們的一些解決方案，例如我們的第一個損失通知、前端的預測分析工具，可以幫助您決定走哪條路。因此，它促使客戶真正從整體上思考，如何將所有這些部分放在一起考慮，而不是因為這種動態性質。

Okay, great. Thanks, Githesh.

好的，太好了。謝謝，吉瑟斯。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon and thanks for taking the question. Brian and Githesh, I'm trying to reconcile your comments on emerging solutions adoption and NRR with some of the deceleration that we're seeing more broadly in the business.

你好，下午好，感謝您提出問題。Brian 和 Githesh，我正在嘗試將您對新興解決方案採用和 NRR 的評論與我們在業務中更廣泛地看到的一些減速進行協調。

So if we look year-over-year, there's about a 3-point deceleration in total growth for the CCC. There's about a 1-point impact as best we can tell from NRR. So it looks a little bit like the new business dynamics are slowing as well.

因此，如果我們逐年觀察，CCC 的總成長大約下降了 3 個百分點。我們從 NRR 可以看出，大約有 1 分的影響。因此，新的業務活力似乎也在放緩。

So maybe just talk to that a little bit. Are you seeing a slowdown in new business dynamics? And how do you think about that piece of the business given all the commentary you already provided on the cross-sell piece Thank you.?

所以也許只是談談這一點。您是否發現新業務活力放緩？鑑於您已經就交叉銷售部分提供的所有評論，您如何看待這部分業務，謝謝。

Gabriele, it's Brian. Yes, I'll be happy to take that. So first thing I would highlight is our guide for the full year is 9%, which is in the range and at the high end of our long-term range. When you think about the point, you're making around what growth has done, there's kind of three factors that are playing into the second half and into Q4.

加布里埃爾，我是布萊恩。是的，我很樂意接受。因此，我首先要強調的是，我們全年的指導值為 9%，這處於我們長期範圍內的上限。當你思考這一點時，你正在圍繞成長所做的事情進行思考，有三個因素在下半年和第四季發揮作用。

First, we have tougher comps as we're into the second half. So we had one point that we highlighted in Q3. There's another point in Q4 that we highlighted; that's a headwind. So we are facing into tougher comps in the second half.

首先，進入下半場後，我們的比賽更加艱難。因此，我們在第三季強調了一點。我們在第四季強調了另一點；這是一個逆風。因此，我們在下半場面臨更艱難的比賽。

The second point is the volume that is -- we're seeing softness. We talked about volume being down about 6 points on claim volume overall, and that drives about a point of headwind for us as well. And then the third point I'd highlight is it's just timing of deals and flow of deals.

第二點是成交量──我們看到了疲軟。我們談到，整體索賠量下降了約 6 個百分點，這也給我們帶來了一定的阻力。我要強調的第三點是，這只是交易的時機和交易的流程。

And quarter to quarter, those can move around a bit. One quarter, they can be strong; another quarter, they can be a bit weaker. So we really focus on long term and the full-year position. So quarter to quarter, deal flow can have an impact.

每個季度，這些數據可能會有所變動。四分之一，他們可以堅強；四分之一，他們可以堅強；再過一個季度，他們的表現可能會稍微弱一些。因此，我們真正關注長期和全年的情況。因此，每季的交易流都會產生影響。

But just to give some size, when you look at Q4 and you think about sequential growth over Q3, we're looking about 2.5 points of growth. And you compare that with the last two Q4s. So what we did in '23, what we did in '22, and it's broadly the same. It's been around 2.5 or 3 points of growth. So just sizing the Q4 and kind of sequential growth is broadly consistent.

但僅給出一些規模，當您查看第四季度並考慮第三季度的環比增長時，我們看到的增長約為 2.5 個百分點。你將其與最後兩個第四季進行比較。所以我們在 23 年所做的事情，我們在 22 年所做的事情，基本上是一樣的。成長幅度約 2.5 或 3 個百分點。因此，僅計算第四季的規模和環比成長就大致一致。

Got it. Thank you for the details.

知道了。謝謝您提供詳細資訊。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thank you. One for Githesh, one for Brian. For Githesh, just hoping you could take us through a typical time line for a customer that was an early adopter of like Estimate-STP or some of your other AI products that's already made it through the piloting, the testing, the implementation, like hoping to generalize how much time will it take from this building pipeline to really convert over to revenue.

謝謝。一份給吉瑟什，一份給布萊恩。對於Githesh，只是希望您能帶領我們了解一位客戶的典型時間表，該客戶是Estimate-STP 或您的其他一些人工智慧產品的早期採用者，這些產品已經通過了試點、測試和實施，就像希望一樣概括一下這條建設管道真正轉化為收入需要多長時間。

Yeah. So for Estimate-STP in particular, there's a slight difference because the first six or eight quarters, we were very deliberate in that we only allowed you to process front-end hits, backend hits. So we gradually increased the number of vehicle types you could process.

是的。因此，特別是對於 Estimate-STP，存在細微的差異，因為前六或八個季度，我們非常謹慎地只允許您處理前端點擊量和後端點擊量。因此我們逐漸增加了您可以處理的車輛類型的數量。

It wasn't until about four or six quarters ago that we opened the door and said SUVs, you could process every type of vehicle. So if you look at the true starting point for Estimate-STP, call it, four to six quarters ago, we have customers who range from about, I would say, 3%, 4% using photo, AI, and Estimate-STP to some customers who are as high as 60%.

直到大約四、六個季度前，我們才打開大門並表示，SUV，你可以處理各種類型的車輛。因此，如果你看看 Estimate-STP 的真正起點，四到六個季度前，我們的客戶範圍從大約 3%、4% 使用照片、AI 和 Estimate-STP 到有的客戶高達60%。

And so there's a broad variation as people get comfortable, test this out in various locations, make sure that the accuracy, the performance is there. So we see a pretty wide range. I think last quarter, we highlighted that one customer would roll out a top 10 carrier to know to 20%-plus of their claims.

因此，當人們感到舒適時，會有很大的變化，在不同的位置進行測試，確保準確性和性能。所以我們看到的範圍相當廣泛。我想上個季度，我們強調了一位客戶會推出排名前 10 的營運商來了解其 20% 以上的索賠。

In their case, after it was in full production, it took them about three, four quarters to get fully up ramped and comfortable to roll it out. So it varies. Nonstandard customers tend to move faster than standard insurance customers. So that's what we see in the data. But -- so it varies by solution, but on general, a couple of quarters.

就他們而言，在全面投入生產後，他們花了大約三、四個季度的時間才完全啟動並順利推出。所以它有所不同。非標準客戶往往比標準保險客戶行動更快。這就是我們在數據中看到的。但是 - 所以它會因解決方案而異，但一般而言，有幾個季度。

Okay. Great. And then, Brian, just wondering, like we had the implied Q4 guidance from last quarter. So Q4 was lowered by about $2.5 million. I just wanted to clarify, was that -- like versus 90 days ago, was that all the softness in the claims that you're talking about? Or were there any other changes that popped up in the last 90 days?

好的。偉大的。然後，布萊恩，只是想知道，就像我們有上季度隱含的第四季度指導一樣。因此第四季減少了約 250 萬美元。我只是想澄清一下，與 90 天前相比，您所說的說法是否都是軟弱的？或者在過去 90 天內是否出現了任何其他變化？

Yeah. Josh, I mean, for the full year, we kept the guide at the full year position from where we were last time to 9%. So we had a similar range of $941 million to $946 million. So that's consistent. Yeah, there's been just -- as I highlighted to the previous question, there's just some moving parts as we think about the year-end and how that's going to play through.

是的。喬什，我的意思是，在全年中，我們將指南保持在全年位置，從上次的位置到 9%。因此，我們的範圍類似，為 9.41 億美元至 9.46 億美元。所以這是一致的。是的，正如我在上一個問題中所強調的那樣，當我們考慮年底以及將如何進行時，只有一些變化的部分。

You have the true-ups, which are harder to forecast. We talked about the harder, more difficult comp that's playing through. We have the volume weakness that's been moving around quarter over quarter. And then there's just the deal flow, what's going to close off the pipeline this year versus falling into next year.

你有一些更難以預測的真實情況。我們討論了正在經歷的越來越難的比賽。我們的銷量疲弱狀況逐季變動。然後就是交易流程，今年將關閉的管道與明年的管道。

So all those are factoring into the guide. But I would point back to the full year position is consistent with where we've been when we talked 90 days ago

所以所有這些都被納入指南中。但我想指出全年的情況與我們 90 天前討論時的情況一致

Okay. Thank you.

好的。謝謝。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hey, good evening. Thanks for taking my question. Maybe first, appreciate the color on the claim volume and kind of the related sensitivity. Could you just maybe help us think about are you expecting volumes to kind of persist at this -- like tracking down 6% levels going forward?

嘿，晚上好。感謝您提出我的問題。也許首先，欣賞索賠卷上的顏色和相關敏感性的種類。您能否幫助我們考慮一下您是否期望交易量能夠持續保持在這一水平——例如未來追蹤 6% 的水平？

Are you expecting them to rebound? What have you embedded? And I know it's a couple of months away from 2025. But are you thinking that we should think about volumes at this kind of like lower level? Or are you expecting a rebound? Just maybe help us understand how we should think about that.

你期待他們反彈嗎？你嵌入了什麼？我知道距離 2025 年還有幾個月的時間。但您是否認為我們應該考慮這種較低的交易量？還是你期待反彈？也許只是幫助我們理解應該如何思考這個問題。

Yeah, sure. Samad, it's Brian. So the way that we're looking at forecast for claims, they have been bouncing around a bit. Q1 was soft. Q2 improved a bit, and then Q3 was softer again, which gets you to the 6% down year-to-date.

是的，當然。薩馬德，我是布萊恩。因此，從我們對索賠預測的角度來看，它們一直在波動。Q1 很軟。第二季有所改善，然後第三季再次疲軟，這使得今年迄今下降了 6%。

As Githesh said, based on what is driving the claim or our view of the claim fluctuation, this is not a permanent trend, and we do think it will change over time. That said, we are not changing because we don't know when that recovery will happen. We're not changing our forecast. We're not assuming that claims get softer, but we're also not assuming that they're going to recover.

正如吉西什所說，根據索賠的推動因素或我們對索賠波動的看法，這不是一個永久的趨勢，我們確實認為它會隨著時間的推移而改變。也就是說，我們不會改變，因為我們不知道復甦何時會發生。我們不會改變我們的預測。我們並不假設索賠會變得更加疲軟，但我們也不假設它們會復甦。

So Q4 is factoring in similar levels. And then we're factoring in similar levels in '25 at kind of a baseline level. So that's how we're thinking about the claim volume and how it will play through the forecast.

因此，第四季度考慮了類似的水平。然後我們將 25 年的類似水準納入基準水準。這就是我們如何考慮索賠量以及它將如何在預測中發揮作用。

Great. And then maybe just as a follow-up, when you guys made the changes to the kind of the customer service organization or customer-facing side of the organization, like how have you thought about the impact of that? And how should we think about that maybe flowing through to the business as we look forward?

偉大的。然後，也許只是作為後續行動，當您對客戶服務組織或組織面向客戶的方面進行更改時，您如何考慮其影響？當我們展望未來時，我們應該如何看待這可能會影響到業務？

Yes. So it's Brian. I'll start and let Githesh add some color. So clearly, we're setting the organization up for what we believe will be successful and the best way to engage with our clients. And so having one customer-facing organization, bringing both client services and our sales organizations together, we think will give a more seamless interaction with our clients.

是的。所以是布萊恩。我將開始讓 Githesh 添加一些顏色。很明顯，我們正在為我們相信會成功的組織以及與客戶互動的最佳方式做好準備。因此，擁有一個面向客戶的組織，將客戶服務和我們的銷售組織結合在一起，我們認為這將與我們的客戶進行更無縫的互動。

We do believe it will improve the velocity of our sales. We also have brought in product sellers, which was a recent investment that we brought into the organization, especially to help with these newer solutions with people that have expertise in these areas. And they're certainly having an impact as we built the pipeline on our engagement with clients. But that's how we're thinking about the organizational changes and the setup for next year.

我們確實相信這將提高我們的銷售速度。我們還引入了產品銷售商，這是我們最近為該組織帶來的一項投資，特別是為了與在這些領域具有專業知識的人員一起幫助開發這些新的解決方案。當我們建立與客戶互動的管道時，它們肯定會產生影響。但這就是我們考慮明年的組織變革和設置的方式。

Yeah. Fundamentally, what we're doing is to make sure that our organization reflects the product architecture that we talked about. And that's really what we're doing because more and more of these solutions are deeply interconnected with each other, and that's why we're making these changes.

是的。從根本上說，我們正在做的是確保我們的組織反映我們所討論的產品架構。這確實是我們正在做的事情，因為越來越多的解決方案彼此緊密相連，這就是我們做出這些改變的原因。

Great. Appreciate taking my questions. Thank you.

偉大的。感謝回答我的問題。謝謝。

Thanks, Samad.

謝謝，薩馬德。

Saket Kalia, Barclays.

薩凱特·卡利亞，巴克萊銀行。

Okay. Great. Thanks for taking my questions here. A lot of my questions have been answered, so I'll keep it to one. Brian, maybe for you. I've gotten the question from a couple of investors on just the impact of hurricanes here. Now of course, that's going to be much more impactful to home insurers. But unfortunately, those events tend to also have a lot of auto claims, right, during those big storms.

好的。偉大的。感謝您在這裡提出我的問題。我的許多問題都得到了解答，所以我只保留一個。布萊恩，也許適合你。我收到了幾位投資者關於颶風對這裡的影響的問題。當然，現在這對家庭保險公司的影響要大得多。但不幸的是，在那些大風暴期間，這些事件往往也會產生大量汽車索賠，對吧。

So just to make sure the question is asked, right, in the wake of some of these storms recently, can you just talk to us a little bit about what sort of impact that sort of -- that is having this year if any? And maybe just give us some historical perspective to it as well as we just think about this kind of going forward?

因此，為了確保提出這個問題，在最近發生的一些風暴之後，您能否與我們談論今年的影響（如果有的話）？也許只是給我們一些歷史視角，然後我們只是思考這種未來的發展？

Sure. Yes, I can take it, Saket. So as a reminder, when you think about our revenue streams, 80% of the business is subscription and 20% is transactional or has volume based. And it really comes into three places, the volume.

當然。是的，我可以接受，Saket。提醒一下，當你考慮我們的收入來源時，80% 的業務是訂閱業務，20% 是交易業務或基於數量的業務。它實際上分為三個地方，即體積。

So one is our casualty solutions. There's a part of our -- or component of our parts business that's transactional. And then there is a portion that relates to our auto physical damage client base. But those, for the most part, are going to be your smaller regional carriers that are paying volume versus the large nationals.

其中之一就是我們的傷亡解決方案。我們的零件業務中有一部分是交易性的。還有一部分與我們的汽車物理損壞客戶群有關。但在大多數情況下，這些將是規模較小的區域性航空公司，與大型國家航空公司相比，它們的支付量更大。

So that's how the revenue breaks out. As far as the hurricanes, the volumes we have seen to date have not been material and are not really moving the number. It really matters on the client mix. Some of our clients are in all-you-can eat transaction -- all-you-can-eat flat fees, and so the excess volume doesn't necessarily play through their numbers. Others, it will play through, depending on if they're paying transaction or have transactional components of their agreement.

這就是收入的爆發方式。就颶風而言，迄今為止我們看到的颶風數量並不大，也沒有真正改變這個數字。這對客戶組合確實很重要。我們的一些客戶採用的是無限量吃的交易——無限量吃的固定費用，因此超額交易量並不一定會影響他們的數字。其他人，它將發揮作用，具體取決於他們是否支付交易或協議中是否包含交易部分。

So mix really matters as well. But I would tell you, to date, the hurricanes that we've seen, although significant for the carriers and impact have not been a material part of what we're seeing in our volumes.

所以混合也很重要。但我想告訴你，到目前為止，我們所看到的颶風雖然對承運人來說意義重大，而且影響還不是我們在數量中看到的颶風的重要組成部分。

Super helpful. Thanks, guys.

超有幫助。謝謝，夥計們。

Sure. Also historically, because it really does affect people locally in each region. But when you look on a national basis, it's still a relatively -- it doesn't shift the overall national posture.

當然。也是從歷史上看，因為它確實影響了每個地區的當地人民。但當你從全國範圍來看時，它仍然是一個相對的——它不會改變國家的整體態勢。

Thanks again, guys.

再次感謝你們。

Alexei Gogolev, JPMorgan.

阿列克謝‧戈戈列夫，摩根大通。

This is Elyse Kanner on for Alexei Gogolev. My question was could you elaborate on why SBC as a percentage of revenue grew slightly sequentially to 18%. And can you reiterate what the outlook for SBC as a percentage of revenue is for next year?

我是艾莉絲‧坎納 (Elyse Kanner)，為阿列克謝‧戈戈列夫 (Alexei Gogolev) 發言。我的問題是，您能否詳細說明為什麼 SBC 佔收入的百分比比上一季小幅增長至 18%。您能否重申一下 SBC 明年佔收入百分比的前景？

Yes, this is Brian. Happy to do that. Yes. So it was 18% in the quarter, which is broadly consistent with where it was in Q2, which is slightly down from where it was in Q1. The big driver we're seeing run through is there is a modification in the TSR. And that modification had a P&L charge of about $70 million.

是的，這是布萊恩。很高興這樣做。是的。因此，本季的成長率為 18%，與第二季的情況大致一致，略低於第一季的情況。我們看到的最大驅動因素是 TSR 進行了修改。該修改產生了約 7000 萬美元的損益費用。

Most of that is running through 2024. So it's got about 6% of impact into our percent -- share-based comp percentage. So that's the real kind of onetime driver. There was no additional units that were attached to the modification. And the modification is detailed out specifically in the proxy.

其中大部分將持續到 2024 年。因此，它對我們的百分比（基於股票的補償百分比）產生了大約 6% 的影響。這才是真正的一次性駕駛者。修改後沒有附加任何附加單元。並且在代理中具體詳細說明了修改。

When you think about next year, this modification has largely run through in 2024. There's a small tail that's in Q1 of '25, but it's not that material. We think about 2025 being more in the 12% to 14% of revenue, and that's the way to think about the model for next year.

當你考慮明年的時候，這個修改基本上已經在2024年完成了。25 年第一季有一條小尾巴，但不是那麼重要。我們認為 2025 年將更多地佔收入的 12% 到 14%，這就是考慮明年模型的方式。

Got it. Very helpful. And then as a quick follow-up, what are the key challenges you're facing that prevent you from full rollout of outbound subrogation? And are you seeing elongated decision-making even around inbound subrogation product adoption?

知道了。非常有幫助。然後，作為快速跟進，您面臨的阻礙您全面推出出境代位權的主要挑戰是什麼？您是否看到，即使在入境代位產品採用方面，決策過程也被延長了？

Yes. I would say inbound subrogation is a lot easier because of all the existing integrations that are already in place. Outbound requires a little more complexity, a little more integration. So we have been more focused on inbound subrogation across the board.

是的。我想說，由於所有現有的整合都已經到位，入站代位權要容易得多。出站需要更多一點的複雜性和更多的整合。因此，我們更重視全面的入境代位求償權。

And we're seeing significantly increased volumes like we said from -- as we went from Q2 to Q3, we've seen double-digit increases in the number of files processed, a pretty large pipeline of customers. And we are focused much more on inbound subrogation first and in the early stages of implementation for outbound. Outbound does have a little more complexity.

正如我們所說，我們看到數量顯著增加，從第二季度到第三季度，我們看到處理的文件數量出現了兩位數的增長，客戶管道相當龐大。我們首先更加關注入境代位權以及出境實施的早期階段。出站確實有一點複雜。

Got it. Thank you so much.

知道了。太感謝了。

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

Hey, good afternoon, guys. Most answered. I just wanted to -- from a modeling standpoint, obviously, you got some unusual model. You're able to continue to invest heavily in R&D, still expand margins. It's been roughly -- R&D roughly in the 20% range these last few quarters. Is that a reasonable place to be moving forward into '25? Or just how should I be thinking about that?

嘿，下午好，夥計們。大多數人都回答了。我只是想——從建模的角度來看，顯然，你有一些不尋常的模型。您可以繼續在研發方面投入大量資金，同時仍擴大利潤。過去幾個季度，研發費用大約在 20% 的範圍內。這是進入 25 世紀的合理位置嗎？或者我該如何思考這個問題？

Chris, it's Brian. Yes. So R&D is an area that we put significant investment in. We've added a lot of capacity over the last couple of years really to make sure that we could support the innovation pipeline. So there's a significant amount of capacity that's been built into the system over the previous two years.

克里斯，是布萊恩。是的。因此，研發是我們投入大量資金的領域。在過去的幾年裡，我們增加了大量產能，以確保我們能夠支持創新管道。因此，在過去的兩年裡，該系統已經內建了大量的容量。

We do expect R&D to continue to grow but at a moderate rate. But that is an area that we continue to invest and invest heavily. So I think as a proxy, your percent of revenue is reasonable for going forward, and it will grow consistent with what it has been this year. So yes, it's a good modeling assumption.

我們確實預期研發將持續成長，但成長速度適中。但這是我們繼續投資並大量投資的領域。因此，我認為作為一個代理，您的收入百分比對於未來來說是合理的，並且它將與今年的成長保持一致。所以是的，這是一個很好的建模假設。

Perfect. I will leave it there. Appreciate it guys.

完美的。我會把它留在那裡。很欣賞你們。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

Hi. Thank you for taking my questions. Githesh and Brian, I was just wondering if the volumes could at all be attributed to market share gains amongst the client base or in specific, progressive, I believe, has been investing throughout the period the last couple of years or so in terms of getting new clients, whereas a lot of the other insurance companies were not as aggressive because of the rate issue that we've had in all the various states.

你好。感謝您回答我的問題。Githesh 和 Brian，我只是想知道這些交易量是否可以歸因於客戶群中的市場份額增長，或者俱體而言，我相信，在過去幾年左右的時間裡，一直在投資以獲得新客戶，而許多其他保險公司由於我們在各州都遇到的費率問題而沒有那麼積極。

And I was wondering if you are hearing any of that amongst your clients as one of the reasons why the volumes might be pressured this year. And after that, I have one more question.

我想知道您是否在您的客戶中聽過這樣的說法，這也是今年銷售可能受到壓力的原因之一。之後，我還有一個問題。

Sure. When you look at the top 10 carriers, most of them are -- almost all of them are customers. What we are seeing is that some of -- some top 10 customers of ours have gained market share. Some have lost market share. So in aggregate, we don't think it's a material difference.

當然。當您查看排名前 10 的運營商時，您會發現大多數運營商幾乎都是客戶。我們看到的是，我們的一些前 10 位客戶已經獲得了市場份額。有些已經失去了市場份額。因此總的來說，我們認為這不存在實質差異。

When you look at the industry numbers in terms of what we see, there are always some puts and takes, but nothing significant. But we think more of the issue on claim frequency is really more consumer behavior is what we're seeing more than anything.

當你從我們所看到的角度來看行業數據時，總是會有一些看跌和跌幅，但沒有什麼重要的。但我們認為，索賠頻率的問題實際上更多的是我們所看到的消費者行為。

Okay. And then can you give me another -- just an example, when you talk about potential extensions of the payroll system product, that seemed very interesting. We had seen it at your conference in some of the demo of that. And I was just wondering if you could talk about where else you could extend that too.

好的。然後你能再給我一個例子嗎？我們在你們的會議上的一些演示中看到了它。我只是想知道你是否可以談談你還可以在哪裡擴展它。

I think so. First of all, when you look at the repair market, the payroll in the repair facility market is in the tens of billions of dollars, probably somewhere between $30 billion and $40 billion. And so we are very focused on that, but we also see several other back-office solutions that are on the pipeline that we don't plan to discuss right now.

我想是的。首先，當你看看維修市場時，維修設施市場的薪資總額達到數百億美元，可能在 300 億美元到 400 億美元之間。因此，我們非常關注這一點，但我們也看到其他幾個正在醞釀中的後台解決方案，但我們現在不打算討論。

But just as we enter the front office, then we focused on the repair process itself, the back office represents another large opportunity to help streamline. But we haven't detailed those out other than payroll.

但正如我們進入前台，然後我們專注於維修流程本身，後台代表了另一個幫助簡化流程的巨大機會。但除了薪資之外，我們還沒有詳細說明這些內容。

Okay. Thank you.

好的。謝謝。

Gary Prestopino, Barrington.

加里·普雷斯托皮諾，巴靈頓。

Hi, Brian and Githesh. A couple of questions here, well, first one and then a follow-up. Do you find that with these new products that you've launched, particularly I'll just point out build sheets, which I think should save insurers a ton of money given all the different trend levels that cars have, with these newer solutions, since they're driving more efficiencies, are you able to price at a better than 5:1 ratio that you'd often cited as how you price your products?

嗨，布萊恩和吉瑟斯。這裡有幾個問題，首先是一個，然後是後續問題。您是否發現，透過您推出的這些新產品，特別是我只想指出構建表，我認為考慮到汽車具有的所有不同趨勢水平，透過這些更新的解決方案，這應該為保險公司節省大量資金，因為他們正在提高效率，您是否能夠以優於您經常引用的產品定價方式5:1 的比率進行定價？

Yeah. Gary, it's Brian. Yes, so a lot of the 5:1 ratio, I mean, we based the products and insurers very clearly on an ROI basis. And we do that, as we've talked about, on a 5:1. These build sheets, we're selling into the shops, and so the price dynamic is slightly different. Clearly, it drives a lot of efficiency both for the shops and for the part suppliers.

是的。加里，是布萊恩。是的，所以很多 5:1 的比率，我的意思是，我們非常明確地以投資回報率為基礎來確定產品和保險公司。正如我們所討論的，我們按照 5:1 的比例來做到這一點。我們將這些建造表出售給商店，因此價格動態略有不同。顯然，它極大地提高了車間和零件供應商的效率。

It's eliminating significant returns and then just lag times in the repair and having to store the car, having it wait for the proper part to be received if they ship the wrong part. So there is a really efficient play here, and it certainly has a strong ROI. But the 5:1 that we've talked about historically has been more on how we price into the carriers.

它消除了重大退貨，然後只是延遲了維修時間，並且必須存放汽車，如果他們運送了錯誤的零件，則需要等待收到正確的零​​件。所以這裡有一個非常有效率的遊戲，而且它肯定有很高的投資報酬率。但我們歷史上討論過的 5:1 更多的是我們如何向營運商定價。

Well, even with what you're selling to the carriers since you're driving more efficiencies, can you - - are you seeing a step-up there? Or is that something you're not seeing or what?

好吧，即使您向運營商銷售的產品提高了效率，您是否能看到那裡的進步？或者這是你沒有看到的東西或什麼？

Well even with what you're selling to the carrier since you're driving more efficiencies, can you are you seeing a step-up there? Or is that something you're not seeing a lot?

好吧，即使你向運營商出售的產品是因為你提高了效率，你能看到那裡的進步嗎？還是這是你不常看到的東西？

Yes. I mean in general, products have different dynamics. Some will have a better ratio and be 3:1. Others could be 7:1. It depends. I mean, certainly, on these newer solutions, the emerging solutions, they're very compelling. They have a very strong ROI.

是的。我的意思是，一般來說，產品有不同的動態。有些比例會更好，為 3:1。其他可能是7:1。這取決於。我的意思是，當然，在這些更新的解決方案、新興的解決方案上，它們非常引人注目。他們有非常高的投資報酬率。

We do think that gives us pricing opportunity. But I think, in general, we still look at a 5:1 ratio as a good rule of thumb of how we price our products and the value it drives for our customers.

我們確實認為這給了我們定價的機會。但我認為，總的來說，我們仍然將 5:1 的比率視為我們如何定價產品及其為客戶帶來的價值的良好經驗法則。

Okay. And then getting back to this claims drip down decline. Githesh, it sounds like it's more of an economic issue than anything else. But I guess are you also hearing from your insurance clients that as ADAS proliferates to the car park, that is also causing a decline in claims in the market?

好的。然後回到這個說法，逐漸下降。Githesh，聽起來這更像是經濟問題。但我想您是否也從您的保險客戶那裡聽說，隨著 ADAS 擴展到停車場，這也會導致市場索賠下降？

No. I think, by and large, what we are seeing is -- what we hear back from customers is distracted driving. And there's a lot of other behaviors that haven't really fundamentally changed. For example, some of the ADAS, while it reduces some front-end impacts, is causing more rear-end impacts because cars can brake suddenly. So that's less of an issue.

不。我認為，總的來說，我們所看到的是——我們從客戶那裡聽到的反饋是分心駕駛。還有很多其他行為並沒有真正從根本上改變。例如，某些 ADAS 雖然可以減少一些前端碰撞，但會造成更多的後端碰撞，因為汽車可能會突然煞車。所以這不是一個問題。

What we are hearing consistently is consumer behavior from an affordability standpoint and the fear of the risk of having premiums raised, those are the things we think. And I think we're about 18 months into it. Our customers would say that they expect this to normalize in the next couple of quarters, but we'll see.

我們一直聽到的是從負擔能力角度來看的消費者行為以及對保費上漲風險的恐懼，這些都是我們的想法。我認為我們已經進行了大約 18 個月了。我們的客戶會說他們預計這種情況會在接下來的幾個季度內恢復正常，但我們拭目以待。

Okay. Thank you.

好的。謝謝。

Thanks, Gary.

謝謝，加里。

I am showing no further questions. I would now like to turn the call back over to Githesh Ramamurthy, CEO, for closing remarks.

我沒有提出任何進一步的問題。現在我想將電話轉回給執行長 Githesh Ramamurthy，讓其致閉幕詞。

Just on behalf of all of us at CCC, just want to say thank you for joining us. I'd also like to take the opportunity to thank our customers and very importantly, our CCC team members and to our shareholders for the trust and support.

我謹代表 CCC 全體人員感謝您加入我們。我也想藉此機會感謝我們的客戶，更重要的是感謝我們的 CCC 團隊成員以及股東的信任和支持。

And where we sit today, we believe we're at the beginning of a transformational shift towards intelligent experience across the P&C insurance economy and that CCC's investments in a multisided network, AI, our event-based architecture position us well to help our customers capitalize on this transition. And we'll also continue to deliver on our strategic and long-term financial objectives and feel very good about those moving forward. With that, we'll end the call here. Thank you

今天，我們相信，我們正處於整個財產和意外傷害保險經濟向智慧體驗轉型的開始，而 CCC 對多邊網路、人工智慧和基於事件的架構的投資使我們能夠很好地幫助我們的客戶充分利用在這個轉變上。我們也將繼續實現我們的策略和長期財務目標，並對這些進展感到非常滿意。至此，我們就結束通話了。謝謝

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。