CCC Intelligent Solutions Holdings Inc (CCC) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CCC Intelligent Solutions first quarter fiscal 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 CCC 智慧解決方案 2025 財政年度第一季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁比爾沃明頓 (Bill Warmington)。請繼續。

Thank you, operator. Good morning and thank you all for joining us today to review CCC's first-quarter 2025 financial results, which we announced in the press release issued before the opening of the market today. Joining me on the call are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

謝謝您，接線生。早安，感謝大家今天加入我們，共同回顧 CCC 2025 年第一季的財務業績，我們在今天開市前發布的新聞稿中公佈了這一業績。參加電話會議的還有 CCC 董事長兼執行長 Githesh Ramamurthy；以及 CCC 的財務長 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 2024 annual report on Form 10-K filed with the SEC.

我們今天對公司業績和計劃做出的前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致公司的實際業績和計劃的實施發生重大變化。這些風險在我們的投資者關係網站上的收益報告中以及我們向美國證券交易委員會提交的 2024 年 10-K 表年度報告中的風險因素標題下進行了討論。

Further, these comments in 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 of the CCC, is prohibited and a violation of the United States copyright and other laws. Additionally, while we will provide a transcript of portions of this call, and we've approved the publishing of the transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in the transcripts.

此外，以下問答中的這些評論的版權歸 CCC Intelligent Solutions Holdings Incorporated 所有。未經 CCC 事先同意，以盈利或其他目的錄製、重新傳播、複製或以其他方式使用上述內容均屬違法行為，並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部分內容的記錄，並且我們已批准第三方發布本次通話的記錄，但我們對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美國證券交易委員會定義的某些非公認會計準則財務指標。該公司認為，這些非公認會計準則財務指標為管理層和投資者提供了有關公司財務狀況和經營業績的某些財務和業務趨勢的有用資訊。我們的投資者關係網站上的收益報告中提供了 GAAP 與非 GAAP 指標的對帳表。

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

謝謝。現在我將把電話轉給 Githesh。

Thank you, Bill, and thanks to all of you for joining us today. I'm pleased to report a solid start to 2025.

謝謝你，比爾，也謝謝大家今天的參與。我很高興地向大家報告，2025 年我們將有一個好的開始。

CCC delivered another quarter of strong, top- and bottom-line results reflecting the predictability and profitability of our business. In the first quarter of 2025, CCC's total revenue was $252 million, growing 11% year over year, exceeding our guidance range, and crossing the $1 billion revenue run-rate threshold for the first time.

CCC 又一個季度取得了強勁的營收和淨利潤業績，反映了我們業務的可預測性和獲利能力。2025年第一季度，CCC的總收入為2.52億美元，年增11%，超過了我們的預期範圍，並首次突破了10億美元的收入運行率門檻。

Adjusted EBITDA was $99 million also ahead of our guidance range, and adjusted EBITDA margin was 39%. On today's call, I would like to cover three themes. The first is how we help our clients manage complexity in an increasingly uncertain world. The second is how our clients are increasingly committing to CCC as their core long-term innovation platform. And third, the continued progress and proof points in adoption of our newer solutions.

調整後的 EBITDA 為 9,900 萬美元，也高於我們的預期範圍，調整後的 EBITDA 利潤率為 39%。在今天的電話會議上，我想談三個主題。首先是我們如何幫助客戶在日益不確定的世界中管理複雜性。第二，我們的客戶越來越多地致力於將 CCC 作為其核心的長期創新平台。第三，我們在採用新解決方案方面不斷取得進展並取得證明點。

In terms of my first topic, you heard me speak on prior calls about the many operational challenges that rising complexity poses for our customers.

就我的第一個主題而言，你們在之前的電話會議上聽到我談到日益複雜的情況給我們的客戶帶來的許多營運挑戰。

There are numerous examples of this, including growing vehicle complexity, labor and skill shortages, medical cost inflation, natural disasters, changing regulations, and more.

這樣的例子不勝枚舉，包括車輛日益複雜、勞動力和技能短缺、醫療成本上漲、自然災害、法規變化等等。

Fundamentally, our solutions help our customers navigate these complexities so they can efficiently operate and grow their businesses and provide a seamless consumer experience. We do this by leveraging real-time hyperlocal data, a highly interconnected ecosystem, and deeply integrated AI powered workflows powering our customers' operations.

從根本上說，我們的解決方案可以幫助客戶解決這些複雜問題，以便他們能夠有效地經營和發展業務，並提供無縫的消費者體驗。我們透過利用即時超本地數據、高度互聯的生態系統以及深度整合的人工智慧工作流程來支援客戶的營運來實現這一目標。

We also maintain an intense focus on customer engagement so we can advise our customers on the latest trends. A good illustration of this is the current macroeconomic environment. For example, while each customer is unique, they all share a common challenge in navigating the increased complexity arising from heightened volatility and uncertainty in vehicle and parts pricing and availability.

我們也高度關注客戶參與，以便為客戶提供最新趨勢的建議。目前的宏觀經濟環境就是一個很好的例子。例如，雖然每個客戶都是獨一無二的，但他們都面臨著一個共同的挑戰，即應對因車輛和零件定價和供應的波動性和不確定性加劇而產生的日益複雜的情況。

Our recent client meetings show that there's an even greater intensity with which they are seeking tools, data, and insights to help them effectively manage these rapidly changing variables that impact their near- and long-term decisions and operations.

我們最近的客戶會議表明，他們正在更積極地尋求工具、數據和見解，以幫助他們有效地管理影響其近期和長期決策和營運的這些快速變化的變數。

We believe CCC is uniquely able to deliver this support. That starts by providing visibility to real-time hyperlocal data on fluctuating prices, parts availability, used vehicle values, and many other decision inputs across the entire country and even down to a single claim. Using that intelligence, customers can use our platform to rapidly and flexibly shift their operations with their partners in the CCC ecosystem, staying in sync.

我們相信 CCC 具有獨特的能力來提供這種支援。首先，提供對波動價格、零件供應情況、二手車價值以及全國乃至單一索賠的許多其他決策輸入的即時超本地數據的可見性。利用這些情報，客戶可以使用我們的平台快速且靈活地與 CCC 生態系統中的合作夥伴保持同步。

And they can do this in line with their existing systems and operations with AI-enabled workflows driving increased efficiency and productivity so they can stay ahead of the curve. And through our unique industry-wide benchmarking data, they can make sure they really are.

他們可以根據現有系統和營運情況，透過支援人工智慧的工作流程來提高效率和生產力，從而保持領先地位。透過我們獨特的全行業基準數據，他們可以確保事實確實如此。

This dynamic creates a virtuous cycle where increased customer collaboration drives demand for additional solutions. And it's just one example of how we're helping our customers navigate the increasing complexity in the insurance economy.

這種動態形成了一種良性循環，即增加客戶協作會推動對更多解決方案的需求。這只是我們幫助客戶應對保險經濟日益複雜的一個例子。

Another is the ongoing economic sensitivity of the US consumer and the cumulative impact of inflation, which has contributed to a more than 50% increase in auto insurance premiums since March of 2020. Across multiple dimensions, we have seen consumers seek to lower their costs and avoid potential future rate increases. They are raising deductibles and reducing coverage.

另一個原因是美國消費者持續的經濟敏感性以及通貨膨脹的累積影響，導致自2020年3月以來汽車保險費上漲了50％以上。從多個方面來看，我們看到消費者都在尋求降低成本並避免未來可能出現的費率上漲。他們正在提高免賠額並減少保險範圍。

Smaller claims are going unfiled and insurance shopping is up. This puts even more pressure on insurers and repairers to deliver a modern, best-in-class customer experience, but also creates the risk of unrelated prior damage showing up in future claims and repairs: both areas that we believe CCC is uniquely positioned to address.

小額索賠案件無人提出，保險購買量增加。這給保險公司和修理商帶來了更大的壓力，要求他們提供現代化、一流的客戶體驗，但也帶來了不相關的先前損壞在未來的索賠和維修中出現的風險：我們相信 CCC 具有獨特的優勢來解決這個問題。

These factors combined with falling consumer confidence overall contributed to a continued decline in filed auto fiscal damage or ABD claims in Q1, down 9% year over year. As Brian will discuss shortly, we expect this dynamic to keep claim volumes under pressure for the remainder of 2025.

這些因素加上消費者信心整體下降，導致第一季汽車財務損失或 ABD 索賠數量持續下降，年減 9%。正如 Brian 稍後將討論的那樣，我們預計這種動態將使 2025 年剩餘時間內的索賠量持續承壓。

While this will have a modest near-term impact on our revenue, we have seen this pattern of up and down fluctuation followed by normalization play out in various forms over the past two decades. My second theme is how our clients are increasingly committing to CCC as a core long-term innovation platform.

雖然這會在短期內對我們的收入產生適度影響，但在過去二十年中，我們已經看到這種上下波動隨後正常化的模式以各種形式發揮作用。我的第二個主題是我們的客戶如何越來越致力於將 CCC 作為核心長期創新平台。

This is leading to continued strength and growth opportunities in our established solutions.

這將為我們現有的解決方案帶來持續的優勢和成長機會。

For multiple decades, we have invested ahead of the technology curve to drive innovation in our market-leading solutions. Our core established products deliver proven bottom line results that customers rely on as the basis for their claims and repair operations.

幾十年來，我們一直投資於領先於技術的發展，以推動市場領先解決方案的創新。我們的核心成熟產品可提供經過驗證的最終結果，客戶可將其作為索賠和維修作業的基礎。

These solutions have significant white space for growth and importantly form a seamless, highly scalable foundation for our emerging products. Clients are increasingly demonstrating their trust in CCC as their long term innovation platform because of the strength of our established solutions and the gateway they provide to additional next-generation capabilities.

這些解決方案具有巨大的成長空間，而且重要的是，為我們的新興產品形成了無縫、高度可擴展的基礎。由於我們成熟的解決方案的強大以及它們提供的通往更多下一代功能的門戶，客戶越來越多地表示信任 CCC 作為他們的長期創新平台。

The renewal and expansion of our long term contract with Caliber Collision last month is a good example of our strategic role within the auto insurance economy and how our core established solutions continue to create growth opportunities for both CCC and our clients.

上個月，我們與 Caliber Collision 續約並擴大了長期合同，這充分體現了我們在汽車保險經濟中的戰略作用，以及我們的核心成熟解決方案如何繼續為 CCC 和我們的客戶創造增長機會。

Since its founding in 1997, Caliber has been very forward thinking in its application of new technologies and was an early adopter of CCC's workflow and direct-repair solutions. Caliber is the largest multi-store operator in the United States with over 1,800 locations across 41 states and on a strong growth trajectory.

自 1997 年成立以來，Caliber 在新技術的應用方面一直具有前瞻性，並且是 CCC 工作流程和直接修復解決方案的早期採用者。Caliber 是美國最大的多店營運商，在 41 個州擁有 1,800 多家門市，並且發展勢頭強勁。

Calibre has been a terrific partner, and we are excited to provide them with additional capabilities to support their future growth. In addition to extending their overall use of the CCC ONE platform, Caliber will also be adding CCC Diagnostics workflow and CCC Build Sheets to help streamline operations and enhance services across its facilities.

Calibre 一直是一位出色的合作夥伴，我們很高興為他們提供額外的能力來支持他們未來的發展。除了擴展 CCC ONE 平台的整體使用範圍之外，Caliber 還將增加 CCC Diagnostics 工作流程和 CCC Build Sheets，以協助簡化操作並增強其設施內的服務。

In Q1, we also signed a large new account, an OEM with a captive insurance business and a leading marketing position in EVs. It's important to note that this new relationship is with both the insurance and the collision repair sides of the business, reflecting the value of a multi-sided network. We think this OEM's decision to embrace CCC as its long-term innovation platform by rolling out our core solutions is significant because it is a proof point that new disruptive business models are choosing to partner with us due to the strength and functionality of the CCC platform. In addition to the use of our tools in its captive insurance operation, this OEM also has several hundred repair facilities in its certified repair program.

在第一季度，我們還簽署了一個大型新客戶，一家擁有自保保險業務並在電動車領域佔據領先行銷地位的 OEM。值得注意的是，這種新的關係涉及保險和碰撞修復業務雙方，反映了多邊網路的價值。我們認為，該 OEM 決定透過推出我們的核心解決方案將 CCC 作為其長期創新平台，這一決定意義重大，因為這證明了新的顛覆性商業模式由於 CCC 平台的實力和功能而選擇與我們合作。除了在其自保保險業務中使用我們的工具外，該 OEM 還在其認證維修計劃中擁有數百個維修設施。

We believe the caliber renewal and the OEM win demonstrate the continued foundational value of CCC solutions for leading industry players in the long runway for growth of our core solutions in our existing markets.

我們相信，口徑更新和 OEM 勝利證明了 CCC 解決方案對於領先產業參與者的持續基礎價值，這對於我們現有市場中核心解決方案的長期成長至關重要。

With an insurance overall, we completed multiple renewals and expansions with existing clients in auto-physical damage along with multiple new contracts and renewals in casualty in the first quarter.

總體而言，我們在第一季與現有客戶在汽車物理損壞方面完成了多次續保和擴展，並在意外險方面完成了多份新合約和續保。

We continue to believe casualty is one of our biggest growth opportunities with the potential to be multiple times its current size, and over time, possibly as large or even larger than our current insurance APD business.

我們仍然相信，意外險是我們最大的成長機會之一，其規模有可能擴大數倍，隨著時間的推移，可能與我們目前的保險 APD 業務一樣大，甚至更大。

Casualty costs are climbing across the board and outpacing general healthcare costs due to notable increases in outpatient surgeries and diagnostic procedures such as CT scans and MRIs.

由於門診手術和 CT 掃描、MRI 等診斷程序的顯著增加，傷亡成本全面攀升，超過了一般醫療保健成本。

Our platform, as well as the insights and connectivity to the physical damage side of the accident, only CCC can deliver, provide unique capabilities to help our customers manage these complexities.

我們的平台以及只有 CCC 才能提供的對事故物理損壞的洞察和連接，提供了獨特的功能來幫助我們的客戶管理這些複雜情況。

We also continue to see durable expansion and growth in our automotive business as we continue to add new repair facilities and expand the depth of our CCC ONE across South.

隨著我們繼續增加新的維修設施並擴大我們在南部的 CCC ONE 的深度，我們的汽車業務也繼續持續擴張和成長。

The volume of electronic parts ordering through CCC ONE is also continuing to rise, with 10% year-over-year growth in the first quarter, with a significant remaining portion of order volume yet to be converted.

透過CCC ONE訂購的電子零件數量也持續上升，第一季年增10%，剩餘的訂單量還有相當一部分尚未轉換。

My third theme is the continued progress and proof points in the adoption of our new solutions. In addition to strong ongoing demand for our established solutions, we continue to see solid demand and progress in the adoption of our newer solutions that reinforces our confidence in the market opportunity for these new products. We have multiple top 20 insurers seeing significant improvements in their operating efficiency using our intelligent APD suite and also have multiple top 20 insurers starting to generate revenue using our AI-powered subrogation solution.

我的第三個主題是我們在採用新解決方案方面取得的持續進展和證明點。除了對我們現有解決方案的持續強勁需求之外，我們還看到對我們新解決方案的採用也持續保持強勁的需求和進步，這增強了我們對這些新產品的市場機會的信心。我們有多家排名前 20 的保險公司透過使用我們的智慧 APD 套件顯著提高了營運效率，並且也有多家排名前 20 的保險公司開始使用我們基於人工智慧的代位求償解決方案創造收入。

Now moving to EvolutionIQ, the integration of our newest AI powered business is going well. When we announced the acquisition in December, a key part of our investment thesis was the opportunity to add EvolutionIQs, AI-powered injury claims resolution capabilities to our auto casualty suite, positioning us to build on our already strong momentum in casualty.

現在轉向 EvolutionIQ，我們最新的 AI 驅動業務的整合進展順利。當我們在 12 月宣布收購時，我們投資論文的關鍵部分是將 EvolutionIQs（人工智慧驅動的傷害索賠解決功能）添加到我們的汽車意外傷害套件中，使我們能夠在意外傷害領域繼續保持強勁勢頭。

Last week, due to the tremendous dedication and collaboration of our teams since the acquisition, we are pleased to announce the faster-than-expected introduction of MedHub for auto casualty, which we plan to launch in the third quarter. Medhub will be integrated into CCC's casualty suite of solutions. With the aim of providing faster, better informed claims decisions, and is the first of several planned innovations with EvolutionIQ.

上週，由於我們團隊自收購以來的巨大奉獻和協作，我們很高興地宣布，我們計劃在第三季度推出汽車意外險 MedHub，其推出速度快於預期。Medhub 將被整合到 CCC 的傷亡解決方案套件中。旨在提供更快、更明智的索賠決策，這是 EvolutionIQ 計劃的幾項創新中的第一個。

MedHub is EvolutionIQ's AI-powered medical synthesis technology that is able to help claims professionals make sense of complex medical documentation.

MedHub 是 EvolutionIQ 的人工智慧醫療綜合技術，能夠幫助理賠專業人員理解複雜的醫療文件。

MedHub has built an impressive track record of success in other lines of insurance with customers reporting more efficient review processes, more accurate summarization output, and better targeted use of specialists. On claims, AI-powered medical record synthesis is particularly well suited to third-party casualty because casualty insurers typically receive a large demand package including hundreds, or even thousands of pages, with continuous updates.

MedHub 在其他保險領域取得了令人矚目的成功，客戶反映其審查流程更有效率、摘要輸出更準確，專家的使用也更有針對性。在索賠方面，人工智慧醫療記錄合成特別適合第三方意外傷害，因為意外傷害保險公司通常會收到包含數百甚至數千頁的大量需求包，並且會不斷更新。

And a given claim professional may be juggling hundreds of such claims. We believe that by leveraging EvolutionIQs, AI-based technologies in medical summarization, and in the future, best next action recommendation engine, we can deliver a step change impact in casualty the way we have in auto-physical damage, and EvolutionIQ has in disability.

某個索賠專業人員可能要處理數百起這樣的索賠。我們相信，透過利用 EvolutionIQs、基於人工智慧的醫療總結技術以及未來最佳的下一步行動推薦引擎，我們可以在傷亡方面帶來階躍變化的影響，就像我們在自動物理損傷方面所做的那樣，以及 EvolutionIQ 在殘疾方面所做的那樣。

EvolutionIQ continues to see strong momentum in its core disability business and is also seeing robust adoption of its workers' compensation suite. 7 of the top 10 workers' compensation PNC insurers are also existing CCC auto-insurance clients, and we believe those existing relationships, combined with the bottom line results, EvolutionIQs workers' compensation customers are experiencing, provide another large and attractive runway for growth.

EvolutionIQ 的核心殘疾業務持續保持強勁勢頭，其工人賠償套件也被廣泛採用。排名前 10 位的工傷賠償 PNC 保險公司中有 7 家也是現有的 CCC 汽車保險客戶，我們相信，這些現有的關係，加上 EvolutionIQs 工傷賠償客戶所經歷的最終結果，為增長提供了另一個巨大而有吸引力的跑道。

Let me conclude by saying that we are excited about the opportunity to help our clients navigate the rising complexity in their business, and by their growing commitment to CCC as their core innovation platform for established and emerging solutions. We remain confident that the global insurance economy is still in the early stages of a generational digital-upgrade cycle and that CCC is well positioned to help our customers navigate this transition.

最後，我想說，我們很高興有機會幫助我們的客戶應對其業務中日益複雜的問題，並且他們越來越致力於將 CCC 作為其成熟和新興解決方案的核心創新平台。我們堅信，全球保險經濟仍處於數位升級週期的早期階段，CCC 已做好準備，幫助我們的客戶順利完成這項轉型。

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

現在我將把電話轉給 Brian，他將向您更詳細地介紹我們的結果。

Thanks, Githesh. As Githesh highlighted, Q1 was a solid start to the year that included significant renewals, contract expansions, and new logo wins, reflecting positive momentum in the core business, as well as our newer solutions.

謝謝，Githesh。正如 Githesh 所強調的，第一季是今年的一個良好開端，包括重大續約、合約擴展和新標誌的勝利，反映了核心業務以及我們較新的解決方案的積極勢頭。

Now, let's turn to the numbers. I'd like to review our first quarter, 2025 results, and then provide guidance for the second quarter in the full year of 2025. Total revenue in the first quarter was $251.6 million, which is up 10.7% from the prior-year period.

現在，讓我們來看看數字。我想回顧一下我們 2025 年第一季的業績，然後為 2025 年全年第二季提供指導。第一季總營收為 2.516 億美元，比去年同期成長 10.7%。

In the first quarter of 2025, approximately 4% points of growth was driven from cross-sell, upsell, and the adoption of solutions across our client base, including repair shop upgrades, the continued adoption of our emerging solutions, casualty, and other ecosystem customers. Approximately three points of growth came from new logos, mostly from repair facilities and parts suppliers, and about four points of growth came from EvolutionIQ.

2025 年第一季度，約 4% 的成長來自於交叉銷售、追加銷售以及整個客戶群的解決方案的採用，包括維修店升級、新興解決方案的持續採用、傷亡事故和其他生態系統客戶。約有 3 個百分點的成長來自新標識，主要來自維修廠和零件供應商，約有 4 個百分點的成長來自 EvolutionIQ。

In the quarter, contribution from emerging solutions is now rounding up to two points of growth, mainly driven from diagnostics, build sheets, and estimate STP. Emerging solutions represent about 4 percentage points of our total revenue in Q1 of 2025, and these solutions continue to be the fastest growing portion of our portfolio.

本季度，新興解決方案的貢獻目前已達到兩個成長點，主要來自診斷、建構表和估計 STP。新興解決方案約占我們 2025 年第一季總營收的 4%，而這些解決方案仍是我們產品組合中成長最快的部分。

This solid performance was despite approximately 1 percentage point of headwind from lower claim volumes in Q1. In our key metrics of software gross dollar retention or GDR and software from net dollar retention NDR, please note that both these metrics now include EvolutionIQ. We are using an annualized software revenue on a combined basis for the prior year to provide a prior baseline for annualized revenue growth. GDR captures the amount of revenue retained from our client base compared to the prior year period. In Q1 2025, our GDR was 99%, which is in line with the last five quarters.

儘管第一季索賠量下降約 1 個百分點，但仍保持了穩健的業績。在我們的軟體總美元留存率或 GDR 和軟體淨美元留存率 NDR 的關鍵指標中，請注意這兩個指標現在都包括 EvolutionIQ。我們正在使用上一年的合併年度軟體收入來為年度收入成長提供先前的基準。GDR 記錄了與去年同期相比從我們的客戶群中保留的收入金額。2025 年第一季度，我們的 GDR 為 99%，與過去五個季度持平。

Note that since the first quarter of 2020, our GDR has been between 98% and 99%, and it has either round it up or down, primarily driven by repair shop industry chur. We believe that GDR reflects the value we provide and the significant benefits that accrue to our customers from participating in the broader CCC network.

請注意，自 2020 年第一季以來，我們的 GDR 一直在 98% 到 99% 之間，並且會向上或向下取整，這主要是受修理廠產業波動的影響。我們相信，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 網路所獲得的巨大利益。

Our strong GDR is a core tenant to our predictable and resilient revenue model. NDR captures the amount of cross sell, upsell from our existing customers compared to the prior year period, as well as volume movements in our auto-physical damage client base. In Q1 2025, our NDR was $107 million. This is up from $105 million in Q4 2024. EvolutionIQ contributed almost 2 points to NDR in the quarter.

我們強大的 GDR 是我們可預測且有彈性的收入模式的核心要素。NDR 記錄了與去年同期相比現有客戶的交叉銷售量、追加銷售量，以及汽車物理損壞客戶群的銷售變動。2025 年第一季度，我們的 NDR 為 1.07 億美元。這一數字高於 2024 年第四季的 1.05 億美元。EvolutionIQ 在本季為 NDR 貢獻了近 2 個點。

Now, I'd like to turn to the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP. We provide a reconciliation to GAAP and non-GAAP in our press release. But adjusted gross profit in the quarter was $192 million. The gross profit margin was 77%, which is up from 76% last quarter and down slightly from 78% in Q1 2024.

現在，我想更詳細地介紹一下損益表。提醒一下，除非另有說明，所有指標均為非 GAAP。我們在新聞稿中提供了 GAAP 和非 GAAP 的對帳。但本季調整後的毛利為 1.92 億美元。毛利率為 77%，高於上一季的 76%，但略低於 2024 年第一季的 78%。

The lower adjusted gross profit margin versus Q1 of 2024 primarily reflects increase and depreciation expense from capitalized projects recently put into service. This was partially offset by modest decretion from EvolutionIQ. Overall, we feel good about the operating leverage and the scalability of the business, and our ability to deliver against our long-term adjusted gross profit margin target of 80%.

與 2024 年第一季相比，調整後的毛利率較低，主要反映了最近投入使用的資本化項目的增加和折舊費用。這被 EvolutionIQ 的適度削減部分抵消。總體而言，我們對業務的經營槓桿和可擴展性以及實現 80% 的長期調整後毛利率目標的能力感到滿意。

In terms of expenses, adjusted operating expense in Q1 2025 was $107 million which is up 15% year over year, primarily driven by resource-related costs, including the addition of EvolutionIQ. Excluding EvolutionIQ, adjusted operating expense was up 6% year over year.

在費用方面，2025 年第一季調整後的營運費用為 1.07 億美元，年成長 15%，主要原因是資源相關成本，包括增加 EvolutionIQ。不包括 EvolutionIQ，調整後的營業費用年增 6%。

Adjusted EBITDA for the quarter was $99 million, up 6% year over year with an adjusted EBITDA margin of 39%. Now, turning to the balance sheet in cash flow, we ended the quarter with $130 million in cash and cash equivalents and about $1 billion of debt.

本季調整後的 EBITDA 為 9,900 萬美元，年增 6%，調整後的 EBITDA 利潤率為 39%。現在，轉向現金流的資產負債表，本季末我們擁有 1.3 億美元的現金和現金等價物以及約 10 億美元的債務。

At the end of the quarter, our net leverage was 2.2 times adjusted EBITDA. Free cash flow in Q1 was $44 million compared to $40 million in the prior-year period, which is up 10% year over year, including modest dilution related to transaction costs associated with the EvolutionIQ acquisition.

截至本季末，我們的淨槓桿比率為調整後 EBITDA 的 2.2 倍。第一季的自由現金流為 4,400 萬美元，而去年同期為 4,000 萬美元，年增 10%，其中包括與 EvolutionIQ 收購相關的交易成本相關的適度稀釋。

Free cash flow on a trailing 12-month basis was $235 million, which is up 9% year over year. A trailing 12 -month free cash flow margin in Q1 2025 was 24% consistent with Q1 of 2024. While our free cash flow level will vary quarter to quarter, we do expect this to continue to trend up over time.

過去 12 個月的自由現金流為 2.35 億美元，較去年同期成長 9%。2025 年第一季過去 12 個月的自由現金流利潤率為 24%，與 2024 年第一季一致。雖然我們的自由現金流水準每季都會有所不同，但我們預計它會隨著時間的推移繼續上升。

As far as use of free cash flow, I did want to highlight that we repurchased 7 million shares of CCC stock for $72 million in Q1 under our previously announced $300 million share repurchase program.

就自由現金流的使用而言，我確實想強調的是，根據我們之前宣布的 3 億美元股票回購計劃，我們在第一季以 7,200 萬美元回購了 700 萬股 CCC 股票。

I'll now cover guidance beginning in Q2 2025. We expect revenue of $255.5 million to $257.5 million, which represents 10% to 11% growth year over year. We expect adjusted EBITDA of $99 million to $101 million, a 39% adjusted EBITDA margin at the midpoint.

我現在將介紹從 2025 年第二季開始的指導。我們預計營收為 2.555 億美元至 2.575 億美元，年增 10% 至 11%。我們預計調整後的 EBITDA 為 9,900 萬美元至 1.01 億美元，中間值為 39% 的調整後 EBITDA 利潤率。

For the full-year 2025, we are modestly reducing our full-year outlook. We are now expecting total revenue of $1.046 billion to $1.056 billion, which is 11% year-over-year growth at the midpoint. We expect CCC's core revenue growth in the year to remain at the low end of our long-term guidance of 7% to 10%, and for EvolutionIQ to contribute between $45 million and $50 million in revenue in 2025. Which is consistent with what we discussed when we announced the transaction back in December.

對於 2025 年全年，我們略微下調了全年預期。我們現在預計總收入為 10.46 億美元至 10.56 億美元，中間值年增 11%。我們預計 CCC 今年的核心收入成長將保持在我們長期指導的 7% 至 10% 的低端，而 EvolutionIQ 將在 2025 年貢獻 4,500 萬至 5,000 萬美元的收入。這與我們去年 12 月宣布交易時討論的內容一致。

For adjusted EBITDA, we expect $420 million to $428 million, a 40% adjusted EBITDA margin at the midpoint, which includes absorbing a moderate EBITDA loss from EvolutionIQ.

對於調整後的 EBITDA，我們預計為 4.2 億美元至 4.28 億美元，中間值為 40% 的調整後 EBITDA 利潤率，其中包括吸收 EvolutionIQ 的適度 EBITDA 損失。

So three points to keep in mind as you think about the Q2 and full-year guidance for 2025. The first point is that uncertainty in the current macroeconomic environment is creating two potential moderate near-term headwinds for the business. One coming from claim volumes and the second client-buying behavior.

因此，在考慮 2025 年第二季和全年指引時，需要牢記三點。第一點是，當前宏觀經濟環境的不確定性正在為企業帶來兩個潛在的中等短期阻力。一個來自索賠量，另一個來自客戶購買行為。

As Githesh mentioned earlier in his remarks, we believe that consumer economic sensitivity is impacting auto insurance claim volumes. But 20% of our revenue is tied to volumes though the direct revenue impact can vary depending on solution and client mix.

正如 Githesh 先前在評論中提到的那樣，我們認為消費者的經濟敏感性正在影響汽車保險索賠量。但我們 20% 的收入與銷售掛鉤，儘管直接收入影響可能因解決方案和客戶組合而異。

From a sales perspective, we continue to see strong demand momentum in our solution set, as Githesh referenced earlier. At the same time, we believe the increased uncertainty related to the evolving macroeconomics (technical difficulty) makes it prudent to assume that sales and implementation cycles in 2025 may be longer than initially expected. The combination of these two factors have led us to reduce our 2025 revenue-growth guidance by about 1% point.

從銷售角度來看，正如 Githesh 之前提到的，我們繼續看到我們的解決方案集的強勁需求勢頭。同時，我們認為，與不斷發展的宏觀經濟（技術難度）相關的不確定性增加，使得我們可以謹慎地假設 2025 年的銷售和實施週期可能比最初預期的要長。這兩個因素的結合導致我們將 2025 年的營收成長預期下調了約 1%。

The second point is that we've raised our full-year 2025 adjusted EBITDA guidance midpoint from $422 million to $424 million and increased our EBITDA down margin guidance from 39% to 40% to 40% to 41%. Excluding the approximately 200-basis-point drag from EvolutionIQ margin, expansion for CCC is tracking towards our year-over-year target of 100 basis points.

第二點是，我們已將 2025 年全年調整後 EBITDA 指導中點從 4.22 億美元上調至 4.24 億美元，並將 EBITDA 利潤率指引從 39% 提高至 40%，降至 40% 至 41%。排除 EvolutionIQ 利潤率約 200 個基點的拖累，CCC 的擴張正在朝著我們 100 個基點的同比目標邁進。

We remain focused on investing in innovation and also driving operational efficiency that will drive margin progression over time as we continue to feel good about our long-term margin target. Third point is stock-based compensation. In Q1, stock-based compensation was 24% of revenue.

我們將繼續專注於投資創新並提高營運效率，這將推動利潤率的長期成長，因為我們對長期利潤率目標仍然充滿信心。第三點是股票薪酬。第一季度，股票薪酬佔收入的 24%。

As we unpack this figure, there are three component parts of it. The first is CCC vesting shares, which are expected to be about 12% of revenue for the year. This is coming down from 18% in 2024. The second is the new shares granted to EvolutionIQ as part of the transaction. Believe this grant was important strategically for retention and alignment in creating long-term value for shareholders. For the year, this is about 3% of revenue. These two items make up the 15% stock-base comp as a percentage of revenue for the full-year that we highlighted on our last call.

當我們解開這個數字時，我們會發現它由三個組成部分組成。第一類是CCC歸屬股份，預計將佔當年收入的約12%。這一比例比 2024 年的 18% 有所下降。第二是作為交易的一部分授予 EvolutionIQ 的新股。相信這項授予對於保留和協調股東創造長期價值具有重要的戰略意義。就全年而言，這約佔收入的 3%。這兩項構成了我們在上次電話會議上強調的全年 15% 的股票基礎薪資收入百分比。

The third component relates to acquisition consideration. Some of the equity from the transaction for key EvolutionIQ management is on an investing schedule linked to employment over a two-year period. Within this structure, a portion of the equity is being treated as compensation and not purchase price. As a result, the purchase price is $46 million lower than we previously talked about, and share base comp is $46 million higher. Which increases share-based percent of revenue by 2 percentage points per year for the next two years. This takes the full-year position for 2025 to approximately 17%. The phasing of 17% is front loaded with a peak of 24% in Q1, and then it moderates through the year in reaching the low teens by the end of the year.

第三個組成部分涉及收購對價。EvolutionIQ 管理層從交易中獲得的部分股權將按照與兩年期就業掛鉤的投資計劃進行。在這種結構下，部分股權被視為補償，而不是購買價格。因此，購買價格比我們之前談到的低 4,600 萬美元，而基本每股收益則高出 4,600 萬美元。這使得未來兩年內基於股票的收入百分比每年增加 2 個百分點。這使得 2025 年全年的比例達到約 17%。17% 的階段性成長在第一季達到高峰 24%，然後全年逐漸放緩，到年底達到百分之十幾。

While the current macroeconomic environment is creating some near-term uncertainties, we believe ultimately it reinforces how we can assist our customers with their digital transformation and AI-based solutions. As we help our clients navigate these complexities, we remain confident in our business model and our ability to deliver against our long-term strategic priorities and to create long-term value for both our customers and our shareholders. With that operator, we are now ready to take questions.

儘管當前的宏觀經濟環境在短期內造成了一些不確定性，但我們相信，最終它將強化我們如何幫助客戶實現數位轉型和基於人工智慧的解決方案。在幫助客戶應對這些複雜問題的同時，我們對我們的商業模式以及實現長期策略重點的能力充滿信心，並為我們的客戶和股東創造長期價值。有了這個接線員，我們現在就可以回答問題了。

Thank you.

謝謝。

(Operator Instructions) Dylan Becker, William Blair.

（操作員指示）迪倫貝克爾、威廉布萊爾。

Hey gentlemen, I appreciate the question. Maybe Githesh, starting with you, you kind of called out some of the dynamics in the ecosystem today particularly on the claims environment. But wondering how maybe you see that recovering, as carriers look to drive greater visibility into the claims process. How that can flow through to achieving equilibrium on the premium side of the equation more efficiently, more effectively, and maybe spark some of that normalization from a volume-trend perspective?

嘿，先生們，我很感謝你的提問。也許 Githesh，從你開始，你已經指出了當今生態系統中的一些動態，特別是在索賠環境中。但我想知道，隨著承運人尋求提高索賠流程的透明度，您可能如何看待這種復甦。如何更有效率、更有效地實現等式溢價方面的平衡，並且可能從交易量趨勢的角度引發一些正常化？

Sure. So first, just to give a much broader perspective, over the last 20 years or so, we have seen claim volume in over a 20-year time period go up, go down. So -- and generally, it's been running in that range for a long period of time with small periods in between.

當然。首先，從更廣闊的角度來看，在過去 20 年左右的時間裡，我們看到索賠量在 20 多年的時間內時升時降。所以 — — 整體來說，它會在該範圍內運行很長一段時間，中間會有短暫的波動。

And as a result, our solutions give you a tremendous amount of ability to focus not just on the number of claims but each claim has many different aspects to it. So if you think about our core algorithm for growth, we're addressing more, and more, and more components of the claim. So the actual impact of this is much milder on our business, part of the reason is mostly subscription versus transaction. But net net of it is that we are seeing claims actually take place or accident frequency continues to take place, but other data that we're watching show that it is fundamentally an issue of claims not being filed versus claims not happening.

因此，我們的解決方案使您能夠極大地關注索賠的數量，而且每個索賠都有許多不同的方面。因此，如果您考慮我們成長的核心演算法，我們會解決越來越多的索賠組成部分。因此，這對我們業務的實際影響要小得多，部分原因主要是訂閱與交易。但總體而言，我們看到索賠確實發生了，或者事故頻率繼續發生，但我們觀察到的其他數據表明，這從根本上來說是一個未提出索賠與未發生索賠的問題。

Okay, great. Okay, yeah. So fair to say again your ability to kind of drive precision in that process should help them normalize over time as well too. Okay, I think that's fair.

好的，太好了。好的，是的。因此，公平地說，您在過程中推動精確度的能力也應該可以幫助它們隨著時間的推移而正常化。好的，我認為這很公平。

Maybe for Brian, you called out -- we talked about the value of the platform, right, the tangible value of the network. In this period of uncertainty, how your thinking of that that opportunity to sell ROI as an enabler of sustained momentum. I think you've called out the emerging solutions having stepped up as well to maybe triangulate or reconcile the ROI of emerging, and how that's kind of flowing through to the business model here? Thank you.

也許對布萊恩來說，你呼籲——我們談論平台的價值，對，網路的有形價值。在這個不確定的時期，您如何看待 ROI 作為持續發展動力的推動因素這一機會？我認為您已經呼籲新興解決方案也能夠發揮作用，以便對新興的投資回報率進行三角測量或協調，以及它是如何影響這裡的商業模式的？謝謝。

Yeah. Happy too, Dylan. Yeah, I mean, the point of selling on ROI is a basis of how we operate. So this isn't a new thing, this is a consistent approach. And so our solutions are all ROI based. And so it certainly plays through in in the newer solutions when we talk about estimate SDP when we talk about subrogation, they are driven off hard ROI metrics that we show the clients and then we price based off those ROIs.

是的。我也很高興，迪倫。是的，我的意思是，投資報酬率的銷售點是我們營運的基礎。所以這並不是什麼新鮮事，而是一貫的做法。因此我們的解決方案都是基於投資報酬率 (ROI) 的。因此，當我們談論估計 SDP 時，當我們談論代位求償時，它肯定會在較新的解決方案中發揮作用，它們是由我們向客戶展示的硬 ROI 指標驅動的，然後我們根據這些 ROI 定價。

So it's a process and a methodology that we've had in place for a while. Certainly the new solutions are rooted in that, and we do expect that to continue to help drive momentum across the business. Especially in the macroeconomic conditions, we're seeing really good demand for these ROI solutions.

所以這是我們已經實施了一段時間的流程和方法。當然，新的解決方案植根於此，我們確實希望這將繼續幫助推動整個業務的發展勢頭。特別是在宏觀經濟條件下，我們看到這些投資報酬率解決方案的需求非常好。

Great thank you bro, appreciate it.

非常感謝兄弟，感激不盡。

Yeah thank you.

是的，謝謝。

Carolyn Valenti, Goldman Sachs.

高盛的卡洛琳·瓦倫蒂。

Hey, thanks for taking my question, and I really appreciate all the detail on the call. Wanted to ask a follow up on the on the claims volumes topic. Curious what you've seen in previous cycles of claims weakness. Like typically, how long do you see these weaker claims volumes last and how is this particular cycle the same or different from what you've seen in the past?

嘿，感謝您回答我的問題，我真的很感謝電話中提供的所有細節。想就索賠量主題進行後續詢問。好奇您在先前的索賠疲軟週期中看到了什麼。通常來說，您認為這些較弱的索賠量會持續多久？這個特定的周期與您過去所見的周期有何相同或不同？

Yeah, I would say the period can last anywhere from one to two years. We've seen those cycles. What is interesting about this cycle is what are the underlying causes driving it. I'll give you a couple of data points. So what we have seen is that if you look back at 2020, 40% of claims filed were below $2,000. In 2025, claims below $2,000 are only 25%. Yes, claims costs have gone up, but what we are seeing Is the propensity for consumers to hold back from filing claims because of the risk of either coverage being dropped or premiums going up.

是的，我認為這個時期可以持續一到兩年。我們已經看到了這些週期。這個循環有趣之處在於推動它的根本原因是什麼。我會給你幾個數據點。因此，我們看到，如果回顧 2020 年，40% 的索賠金額低於 2,000 美元。到 2025 年，索賠金額低於 2,000 美元的比例僅為 25%。是的，索賠成本確實上升了，但我們看到的是，消費者傾向於不提出索賠，因為擔心保險範圍被取消或保費上漲的風險。

So that is -- so as a result, consumer self-pay is increasing slightly, but the underlying -- that is really what we see as the underlying dynamic. And that's why we believe some of this should normalize over time.

因此，消費者自付費用略有增加，但這確實是我們所看到的潛在動態。這就是為什麼我們相信其中一些情況會隨著時間的推移而正常化。

Yeah, that that makes a lot of sense. Thank you. And then, great to see the progress with the merging solutions getting to that 2 points of growth. As you look at the full year, any change in your expectations for contribution, and out of the three emerging solutions you called out, did any in particular surprise you to the upside in the quarter? Thank you.

是的，這很有道理。謝謝。然後，很高興看到合併解決方案取得了進展並達到了這兩個成長點。回顧全年，您對貢獻的預期有何變化？在您提到的三個新興解決方案中，是否有哪個解決方案特別讓您感到意外，從而帶來本季的成長？謝謝。

Yeah, we talked about in the past few quarters emerging has been rounding to one, and now we've seen the momentum and progress, it's now rounding up to two. It's not a full point, it's important to note that it's incrementally -- we're making progress on it. And now, as I said, it's rounding to two.

是的，我們在過去幾個季度中談到新興市場已經四捨五入為 1，現在我們看到了勢頭和進展，它現在四捨五入為 2。這不是一個完整的點，重要的是要注意它是逐步的——我們正在取得進展。現在，正如我所說，數字四捨五入為二。

It was broad based. It came from build sheets, diagnostics, estimate STPs, subrogation. All those contributed to the step up, and we're seeing as we look forward, we do continue to see the strength play out for the balance of the year. So we're feeling good on the progress and momentum that we're seeing across the emerging solution set.

它具有廣泛的基礎。它來自建構表、診斷、估計 STP、代位求償。所有這些都促進了這一進步，我們展望未來，確實看到這種實力在今年餘下時間裡繼續發揮。因此，我們對新興解決方案所取得的進展和發展動能感到非常滿意。

Thank you, I appreciate the detail.

謝謝，我很欣賞你提供的詳細資訊。

Yeah, thanks Carolyn.

是的，謝謝卡羅琳。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Hello everyone. Brian, can I confirm what was organic growth in Q1? So was it 10.6% minus 4 percentage points from EvolutionIQ?

大家好。布萊恩，我可以確認一下第一季的有機成長嗎？那麼它是 10.6% 減去 EvolutionIQ 的 4 個百分點嗎？

Yeah, that's right. I mean, we highlighted that EvolutionIQ drove 4 points of growth in the quarter, so the balance is core CCC. So we're at the lower end of our long term target. But yeah, you're reading it right on the breakdown between EvolutionIQ and the core.

是的，沒錯。我的意思是，我們強調 EvolutionIQ 在本季推動了 4 個百分點的成長，因此平衡是核心 CCC。因此，我們正處於長期目標的低端。但是的，您讀到了 EvolutionIQ 和核心之間的細分。

Great, thank you. And Githesh, following up on the discussion about claim volumes, can you remind us where is currently the share of self-claimed repair by consumers?

太好了，謝謝。Githesh，關於索賠量的討論，您能否提醒我們目前消費者自行索賠的維修份額是多少？

Yeah, I mean, we -- look, we try to piece this data together. It's not a perfect science, but what we are seeing is that consumer self-pay, and just as an anecdotal point, has increased to about 25%. When we look at the repair side of our data set, consumer self-pay is about 25%. So when you dial the clock back about three years ago, consumer self-pay was probably closer to 11% or 12%. So it has increased.

是的，我的意思是，我們——看，我們嘗試將這些數據拼湊在一起。這不是一個完美的科學，但我們看到的是，消費者自付費用（僅作為軼事）已增加到約 25%。當我們查看資料集的維修方面時，消費者自付費用約為 25%。因此，當你回溯到三年前，消費者自付費用可能接近 11% 或 12%。所以它增加了。

So we are seeing that increase and then what we're seeing is with our repair facility, because customers in particular, the use of Engage and our website tools, and all of those tools, they're starting to deploy those tools more -- and more to capture more of the business that is consumer self-pay. And then on the insurer side, obviously, we don't see the data because those claims aren't being filed. Does that help, Alexei?

因此，我們看到了這種增長，然後我們看到的是我們的維修設施，因為特別是客戶，使用 Engage 和我們的網站工具，以及所有這些工具，他們開始更多地部署這些工具 - 並且更多地捕捉更多的消費者自付業務。而在保險公司方面，顯然我們看不到數據，因為這些索賠尚未提出。這樣有幫助嗎，阿列克謝？

It does, thank you very much.

確實如此，非常感謝。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Hi, this is [Gowon] for Kirk, and thanks for taking my question. Well, it's a small part of the business. Can you talk about whether tariffs could potentially have any impact on the parts suppliers’ part of the business?

大家好，我是 Kirk 的 [Gowon]，感謝您回答我的問題。嗯，這只是業務的一小部分。您能否談談關稅是否會對零件供應商的業務產生影響？

Sure. So first and foremost, what has happened as a result of tariffs? Is that across the board, whether it is insurers, repairers, parts providers, and particularly, our OEM customers who are increasingly using adopting more and more CCC solutions? We're being asked a lot of questions and we've been able to look at the data set, and try to predict and try to provide a lot of insights across our customer base in terms of what are the expectations and the flow-through impact of tariffs on OEM parts prices, aftermarket price prices, recycled parts, and the like. It's still very early days, but we've increased the monitoring, and the tool set on all of this for our customers and are engaging more deeply.

當然。那麼首先，關稅帶來了什麼後果？這是全面的嗎？無論是保險公司、修理商、零件供應商，尤其是越來越多採用 CCC 解決方案的 OEM 客戶？我們被問到了很多問題，我們已經能夠查看資料集，並嘗試預測並嘗試為我們的客戶群提供大量見解，包括關稅對 OEM 零件價格、售後市場價格、回收零件等的預期和流通影響。現在還處於早期階段，但我們已經為客戶加強了監控，並增加了所有相關工具，並且正在更深入地參與其中。

Now, when it comes to the CCC business model itself. It has virtually minimal or no impact because as you know, all our revenue is really -- the vast majority is subscription based and there's about a 15%, 20% component that is frequency dependent.

現在，談到 CCC 商業模式本身。它的影響實際上很小或沒有影響，因為如你所知，我們的所有收入實際上——絕大多數是基於訂閱的，大約有 15% 到 20% 的部分與頻率有關。

Great. And then, regarding MedHub, do you have any stats around what the learning curve is and the increase in efficiency that people see when they're using it?

偉大的。然後，關於 MedHub，您是否有任何關於學習曲線以及人們在使用它時看到的效率提升的統計數據？

Yes, I would say it is. So first and foremost, it has a tremendous ROI in terms of what it can deliver. And we are seeing combined ratio impact of using MedHub, in the low-single digit points, which is pretty significant. And also there's an LAE impact or an efficiency impact for customers, and that efficiency impact can be significant as much as, 20%-plus impact. So there's a range of those efficiencies, but most importantly, MedHub is a synthesis tool which takes very very complex medical procedures and all of those things. And that's really -- in our early conversations with CCC casualty customers, workers' compensation customers, there's a lot of excitement about wanting to work with us on deploying MedHub. Because of those two -- [types]. Yeah.

是的，我認為是的。因此，首先，就其所能提供的功能而言，它具有巨大的投資回報率。我們看到使用 MedHub 對綜合比率的影響處於低個位數水平，這是相當顯著的。而且這也會對客戶的 LAE 或效率產生影響，而這種效率影響可能高達 20% 以上。因此，這些效率有多種多樣，但最重要的是，MedHub 是一種綜合工具，可以處理非常複雜的醫療程序等等。確實如此——在我們與 CCC 傷亡客戶、工傷賠償客戶的早期對話中，他們非常興奮地希望與我們合作部署 MedHub。因為那兩個-- [類型]。是的。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay great hey guys, thanks for taking my questions here and appreciate all the all the data.

好的，太好了，大家好，感謝你們在這裡回答我的問題，也感謝你們提供的所有數據。

Yeah, absolutely (inaudible).

是的，絕對是如此（聽不清楚）。

Yeah, for sure. Githesh, maybe for you just to stay on the topic of claims, you've been clear in saying that this is cyclical and eventually will normalize. But just to make sure the question is asked, what data points do you maybe look at to get confidence that claims volume isn't being impacted by other things like ADAS, for example, or any other exogenous factors? We just love your view there.

是的，當然。Githesh，也許你只是想繼續討論索賠問題，你已經明確表示，這是週期性的，最終會正常化。但為了確保提出這個問題，您可以查看哪些數據點來確信索賠量不會受到其他因素（例如 ADAS）或任何其他外部因素的影響？我們非常喜歡那裡的景色。

Yeah, look, the bottom line is the data isn't perfect because we do look at all the vehicles that are -- that have ADAS of different kinds and we can correlate cars with different ADAS features and claims. We look at consumers whose deductibles have gone up. We're not really filing the claims; we're also seeing that piece of the data. We're seeing distracted driving increase, so there's a lot of different factors that are going into the mix.

是的，看，底線是數據並不完美，因為我們確實查看了所有具有不同類型 ADAS 的車輛，我們可以將汽車與不同的 ADAS 功能和聲明關聯起來。我們關注那些免賠額上漲的消費者。我們其實並不是提出索賠；我們也看到了那部分數據。我們發現分心駕駛現象正在增加，因此有許多不同的因素在起作用。

And the most important point, Saket, is we are not as dependent as a business on underlying frequency. Yes, it does have an impact for us this year, but when you look at this business over multiple years -- claim volume, for example, if I go back over the last five years, claim volume hasn't materially changed. But our revenues have increased about 60% or so over the last four or five years.

最重要的一點，Saket，我們並不像企業那樣依賴底層頻率。是的，它確實對我們今年產生了影響，但是當你回顧多年的業務時——例如，索賠量，如果我回顧過去五年，索賠量並沒有發生實質性變化。但過去四、五年來，我們的收入成長了約60％。

And what we are trying to do is to deliver solutions across all aspects of the claim. So when you look at solutions like First Look where we're now connecting salvage yards, and tow trucks, and get all of the consumer data up front whether it's subrogation or casualty that opens up a whole different side of the auto claim or electronic parts ordering or other components of it. So there's a vast amount of efficiency across the entire claims life cycle. So you know, that is really the vast majority of what we're focused on. And we do think the data that I was referring to earlier, I'll give you one other stat that you may find interesting, that if you look at the number of cars that are less than six years old, today, there are 9 million fewer vehicles. In '20 -- that are six years or newer compared to what it was a few years ago.

我們正在努力為索賠的各個方面提供解決方案。因此，當您查看 First Look 之類的解決方案時，我們現在正在連接廢品場和拖車，並預先獲取所有消費者數據，無論是代位求償權還是意外事故，這都會為汽車索賠或電子零件訂購或其他組件開闢一個全新的領域。因此整個索賠生命週期的效率非常高。所以你知道，這確實是我們所關注的絕大部分內容。我們確實認為我之前提到的數據，我會給你另一個你可能會感興趣的統計數據，如果你看看車齡不到六年的汽車數量，今天，汽車減少了 900 萬輛。在 20 世紀，與幾年前相比，這已經是六年甚至更短了。

So you've got a number of these different factors coming in altogether. So it's not a perfect science, but given our pattern over the last 20 years, and then the way we are focused on delivering across all aspects of the claim is what gives us comfort that we can continue to build and grow the business.

因此，您綜合考慮了許多不同的因素。所以這不是一門完美的科學，但考慮到我們過去 20 年的模式，以及我們專注於解決索賠各個方面問題的方式，讓我們有信心繼續建立和發展業務。

Absolutely, that's very helpful context. Brian, maybe for my follow up for you, I think, and correct me here if I'm wrong, but I think the full-year revenue is getting trimmed by about $9 million at the at the midpoint. How much of that is coming from lower claims volume versus longer sales cycles?

絕對的，這是非常有用的背景。布萊恩，我想，也許我可以跟進一下你的情況，如果我錯了，請糾正我，但我認為全年收入在中點會減少約 900 萬美元。其中有多少是由於索賠量較低和銷售週期較長造成的？

And then just to Githesh’s point earlier. Obviously, the vast majority of this business is coming from subscription, fixed fee type of contracts. Just help us think about maybe -- is there any future risk of lower claims volumes impacting those sort of types of contracts down the road? Thank you.

然後回到 Githesh 之前的觀點。顯然，這類業務的絕大部分來自訂閱、固定費用類型的合約。請幫我們思考一下—未來索賠量減少是否會對此類合約產生影響？謝謝。

Yeah. So the first question, and it was around the trim of the guide. We saw a point of headwind in revenue in Q1 based on the lower claim count. We are taking that through the balance of the year. So we're assuming that one point of headwind will continue through the balance of the year. So that's the largest driver of the reduction.

是的。所以第一個問題是關於指南的修剪。由於索賠數量減少，我們看到第一季的收入出現了阻力。我們將在今年餘下的時間裡實現這一​​目標。因此，我們假設，在今年餘下的時間裡，這種逆風狀況將持續存在。所以這是減少的最大驅動力。

The second point is around just macro uncertainty that potentially could impact the velocity of new business for the balance of the year. At this stage, we continue to see strong demand and good engagement at the top of the funnel. However, with macro uncertainty, we're just being prudent and cautious that it could provide further risk in deal cycles and closing deals.

第二點是關於宏觀不確定性，這可能會影響今年剩餘時間新業務的速度。在這個階段，我們繼續看到漏斗頂部的強勁需求和良好的參與度。然而，由於宏觀不確定性，我們只是謹慎和小心，因為它可能會為交易週期和交易完成帶來進一步的風險。

So that factor is just out there as something that we're monitoring, looking at, but the largest driver of the reduction is around the one point related to claim volume. Your second question around structural growth in related to claims. I mean, as Githesh said, we feel really good on the long term guide and the position we have. We have the breadth of the portfolio continues to build and broaden. We're seeing emerging, continue to scale as we talked about going from 1 point of growth contribution to 2 points.

所以這個因素只是我們正在監控和關注的，但減少的最大驅動因素是與索賠量相關的一點。您的第二個問題涉及結構性成長，與索賠有關。我的意思是，正如 Githesh 所說，我們對長期指南和我們所處的地位感到非常滿意。我們的產品組合範圍不斷擴大和拓寬。我們看到新興業務不斷擴大，正如我們所說的那樣，成長貢獻從 1 點增加到 2 點。

The business model we really focus on is a subscription business model and our technology impacting each claim more and more. So it's less about the number of claims, but it's more about our attachment rate to each claim across the portfolio, and the solution set that we put into the market. So that's really how we think about the long-term growth algorithm in the business.

我們真正關注的商業模式是訂閱商業模式，我們的科技對每項索賠的影響越來越大。因此，這與索賠數量關係不大，而與我們對整個投資組合中每項索賠的附加率以及我們投入市場的解決方案集關係更大。這就是我們對業務長期成長演算法的真正看法。

Very helpful guys. Thank you.

非常有幫助的人。謝謝。

Thank you.

謝謝。

All right, Saket, thanks.

好的，Saket，謝謝。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Hey guys, this is Jeremy [on] for Samad. Thanks for taking my questions. So there's been a lot of questions on the claims volume and how that impacted the ADP business. Can you maybe help us understand the demand elasticity of the EvolutionIQ and casualty business? Are there any metrics you look at that might help us understand how this business could be influenced by any change in consumer spending or in the kind of the players in the ecosystem or is there a similar impact that might occur?

大家好，我是 Samad 的 Jeremy。感謝您回答我的問題。因此，人們對索賠量以及對 ADP 業務的影響有很多疑問。您能否協助我們了解 EvolutionIQ 和意外險業務的需求彈性？您是否關注過一些指標，可以幫助我們了解這項業務如何受到消費者支出或生態系統參與者類型的變化的影響，或者是否可能發生類似的影響？

Sure. The EvolutionIQ business. If you look at the vast majority of their revenue today in EvolutionIQ, it is really around disability, and they have 7 of the large customers, in EvolutionIQ and. Short-term disability, long-term disability is really not no correlation to auto -- to the auto frequency. The other growth area for EvolutionIQ is workers' compensation and workers’ compensate -- in workers' compensation, seven of our existing CCC customers also happen to be some of the largest workers' comp insurers in the country. And EvolutionIQ's workers' comp solution effects, goes directly towards them, and again that's not correlated to auto.

當然。EvolutionIQ 業務。如果你看看 EvolutionIQ 目前的收入，你會發現它主要來自殘疾人服務，而 EvolutionIQ 是他們 7 個大客戶之一。短期殘疾、長期殘疾實際上與汽車——與汽車頻率沒有關係。EvolutionIQ 的另一個成長領域是工傷賠償和工傷補償——在工傷賠償方面，我們現有的七家 CCC 客戶恰好也是全國最大的工傷賠償保險公司之一。EvolutionIQ 的工人補償解決方案的效果直接針對他們，而且這與汽車無關。

On the casualty front, what we are seeing with the acceleration of MedHub and the synthesis capability, is that it gives us a lot of opportunity to really build out our casualty solution. As you know, we have stated publicly multiple times that we are seeing significant momentum in casualty and the CCC casualties solution is connected directly to auto. And we are seeing significant growth in that business as we bring on more customers.

在傷亡方面，我們看到 MedHub 和綜合能力的加速發展，這為我們真正建立傷亡解決方案提供了很大機會。如您所知，我們已多次公開表示，我們看到傷亡情況有了顯著改善，而 CCC 傷亡解決方案與汽車直接相關。隨著我們擁有越來越多的客戶，我們的業務也取得了顯著的成長。

The number of casualty customers we have is a small fraction of what we have in auto physical damage, so we see that growth. And then to turbocharge that a little further, that's why we're very excited that the teams have been able to accelerate MedHub, which is a generative capability that can take deep, deep knowledge of medical procedures and the like, and have an impact on casualty. So that's why we're excited about that. Does that help you? Maybe, Brian -- ?

我們的傷亡客戶數量只是汽車物理損壞客戶數量的一小部分，因此我們看到了成長。然後進一步加速這一進程，這就是為什麼我們非常興奮團隊能夠加速 MedHub，這是一種生成能力，可以深入了解醫療程序等，並對傷亡產生影響。這就是我們對此感到興奮的原因。這對你有幫助嗎？也許吧，布萊恩-- ？

Yeah, I just had two things. I mean one other point just to highlight is it's not as similar to auto. I mean, these are not discretionary claim filing when you're dealing with disability and workers' comp. So some of the dynamic we're talking about in auto claims where we're seeing people not file doesn't really play any IQ. We continue to be really happy with the performance. We talked about at the time of the deal that the NDR for that business was over 150. We saw that metric continue in Q1. It was over 150, so the business continues to perform, and we're really happy about the integration and we're excited about it as it moves into casualty.

是的，我只有兩件事。我要強調的另一點是它與汽車不那麼相似。我的意思是，當你處理殘疾和工傷賠償時，這些並不是自由裁量的索賠申請。因此，我們在談論汽車索賠時，看到人們不提交索賠，這種現象實際上與智商無關。我們仍然對這一表現感到非常滿意。我們在交易時談到，該業務的 NDR 超過 150。我們看到該指標在第一季繼續保持。它超過了 150，所以業務繼續表現良好，我們對整合感到非常高興，並且我們對它進入意外險領域感到興奮。

Yeah, thanks. That's great color. And then you guys brought up MedHub, so maybe we follow up on that. Can you remind us maybe what's the pricing model for MedHub? Is this something that's going to be monetized or is it intended more to drive adoption of the broader casualty suite? And then, I know it's not fully launched yet, but I don't know if you started having some early conversations with customers, how -- maybe how this this conversation's been going?

是的，謝謝。顏色真棒。然後你們提到了 MedHub，所以我們可能會對此進行跟進。您能否提醒我們 MedHub 的定價模式是什麼？這是要貨幣化的東西嗎？還是只是為了推動更廣泛的意外險套件的採用？然後，我知道它還沒有完全推出，但我不知道您是否開始與客戶進行一些早期對話，這次對話進展如何？

I'll take the second part of your question first. We have had conversations with customers both with disability workers' comp and CCC's core customer base. Across the board, there's tremendous excitement because the EIQ team has really, really built a lot of depth and a lot of capability, so we're seeing that.

我先回答你問題的第二部分。我們已經與殘疾工人補償的客戶和 CCC 的核心客戶群進行了交談。總體而言，大家都非常興奮，因為 EIQ 團隊確實已經累積了大量的深度和能力，我們看到了這一點。

We are targeting typically a 5-to-1 ROI, and there's tremendous excitement around it. But in terms of actually pricing and the revenue models, we have not fully locked down on that, and it won't really have much of an impact this year. Brian, you want to pick up -- ?

我們的目標通常是實現 5 比 1 的投資回報率，並且人們對此感到非常興奮。但就實際定價和收入模式而言，我們還沒有完全確定，而且今年不會產生太大的影響。Brian，你想接-- ？

Yeah, I mean, Jeremy, to your point, we will be charging for MedHub. As Githesh said, it's an ROI based like we do with our other solutions, it will be subscription based on our revenue. We're really excited about the interest and the momentum around engagement. It won't have a material impact in this year, but we think as we exit the year, that it will be more meaningful as we get into next year on revenue being generated off MedHub into our casualty clients.

是的，傑里米，正如你所說，我們將對 MedHub 收費。正如 Githesh 所說，它像我們的其他解決方案一樣，是基於投資回報率 (ROI) 的，它將根據我們的收入進行訂閱。我們對參與的興趣和動力感到非常興奮。它不會對今年產生實質影響，但我們認為，隨著今年的結束，進入明年，它將對我們從 MedHub 為傷亡客戶創造的收入產生更有意義的影響。

Great thanks, guys, for taking my questions.

非常感謝大家回答我的問題。

Yeah, thank you.

是的，謝謝。

(Operator Instructions)

（操作員指示）

Matt Bullock, Bank of America.

美國銀行的馬特‧布洛克 (Matt Bullock)。

Great thanks. hi, I'm on for my funk. Appreciate the question. So good to see the progress of emerging solutions despite some of the macro pressure? Can you help us think about how the uncertainty has been and could impact implementation cycles and adoption momentum of those emerging solutions, if you view any of those be more or less macro sensitive. Thanks.

非常感謝。嗨，我來享受我的樂趣了。感謝你的提問。儘管面臨一些宏觀壓力，但看到新興解決方案取得進展真是令人欣喜？如果您認為其中任何一個或多或少都具有宏觀敏感性，您能否幫助我們思考不確定性是如何影響這些新興解決方案的實施週期和採用勢頭的？謝謝。

Yeah, we don't really see -- as we've said, the demand continues to be very strong across all of our emerging solutions, right? Whether it is estimate SDP, which is now, increased in volume 40-plus customers as diagnostics parts.

是的，我們確實沒有看到——正如我們所說，我們所有新興解決方案的需求仍然非常強勁，對嗎？無論是估計SDP，現在，作為診斷部件，其數量已增加到40多個客戶。

We're seeing -- and the demand continues to be very strong and we don't think it really affects implementation cycles, even the OEM customer that I mentioned. It was a pretty fast implementation. We signed the contract at the end of March. They rolled out literally in April. So it's a pretty fast. So we don't think it affects it.

我們看到 - 需求持續強勁，我們認為它不會真正影響實施週期，即使是我提到的 OEM 客戶。這是一個相當快的實施過程。我們在三月底簽了合約。它們實際上是在四月推出的。所以它相當快。所以我們認為它不會產生影響。

What Brian and I are saying is that out of the abundance of caution given the broader macro environment, it behooves us to be somewhat prudent in in how we forecast revenues and the like. And to be very clear, we're not seeing the impact. We just want to make sure we're cautious in terms of how this may or may not affect things further down the road.

布萊恩和我要說的是，考慮到更廣泛的宏觀環境，出於謹慎考慮，我們在預測收入等方面應該採取一定的謹慎態度。並且非常明確的是，我們沒有看到影響。我們只是想確保我們能謹慎考慮這是否會對未來的事情產生影響。

Got it thank you very much.

明白了，非常感謝。

Chris Moore, CJS Securities.

克里斯·摩爾（Chris Moore），CJS 證券。

Hi, this is [William] for Chris. A CCC payments is an important long term opportunity. Could you talk a bit more about the progress made over the past year, so as well as the critical milestones that we should be thinking about in 2025?

大家好，我是 [William]，我是 Chris。CCC 付款是一個重要的長期機會。您能否詳細談談過去一年的進展，以及我們在 2025 年應該考慮的關鍵里程碑？

Sure. We have got a couple of smaller customers up and running live that happened in the last quarter. And that has allowed us to actually execute different workflows in payments. And so we're quite excited that it went live, it's not a material impact in terms of revenue this year, but in exercising the various payment flows. It's been good, and we feel good about the momentum.

當然。上個季度，我們有幾個較小的客戶開始運作。這使我們能夠在支付中實際執行不同的工作流程。因此，我們對它的上線感到非常高興，它對今年的收入沒有實質影響，但對執行各種支付流程有重大影響。一切都很好，我們對這種勢頭感到滿意。

Thank you. And it's been four years since CCC went public, what is the biggest change from that market perspective, and how would you compare your competitive positioning now versus then?

謝謝。CCC 上市已經四年了，從市場角度來看最大的變化是什麼？您如何看待現在與當時的競爭定位？

I would say our competitive positioning continues to get better, and I would say there are really three underlying fundamental reasons for that. One, the innovation that we have invested in so heavily for the last four years is really giving us a technological advantage that our customers are seeing.

我想說我們的競爭地位不斷提高，我認為這有三個根本原因。首先，過去四年來我們投入大量資金的創新確實為我們帶來了客戶所看到的技術優勢。

Second, the network itself that we have built across, OEMs and parts providers, and insurers and the like. That network continues to be very strong, and the sentiment of our customers in terms of our -- with that continuing to win new logos with the 99% GDR, the customer retention has been pretty solid. And I would say the most important thing we're seeing is the ROI that our solutions are -- with emerging solutions on top of our core solutions, that ROI is being very well received and is a very important strategic component for our customers.

第二，我們已經建立了涵蓋原始設備製造商、零件供應商、保險公司等的網路本身。該網絡繼續保持強勁，就我們而言，客戶對我們的感情——憑藉 99% 的 GDR 繼續贏得新標識，客戶保留率一直非常穩固。我想說，我們看到的最重要的事情是我們的解決方案的投資回報率——在我們的核心解決方案之上的新興解決方案，投資回報率受到了廣泛歡迎，並且對我們的客戶來說是一個非常重要的策略組成部分。

So those are the factors that we see from our vantage point.

這些就是我們從自己的角度看到的因素。

Thank you.

謝謝。

Thank you. I am showing no further questions at this time. I would now like to turn it back to Githesh Ramamurthy for closing remarks.

謝謝。我目前沒有其他問題。現在我想請 Githesh Ramamurthy 作最後發言。

Well, I want to take this opportunity on behalf of all of us at CCC for joining us today. And most important, I'd like to thank our customers, CCC team members, and shareholders for a strong start to 2025. We are excited about helping our customers with the digital transformation journeys they're on, and remain confident in our ability to deliver on our long-term strategic and financial objectives.

好吧，我想藉此機會代表 CCC 的全體人員參加今天的活動。最重要的是，我要感謝我們的客戶、CCC 團隊成員和股東，感謝他們為 2025 年帶來了強勁的開端。我們很高興能夠幫助我們的客戶完成他們正在進行的數位轉型之旅，並且對我們實現長期策略和財務目標的能力充滿信心。

Thank you so much for your continued interest and trust in CCC, and we look forward to updating you on our next call.

非常感謝您對 CCC 的持續關注和信任，我們期待在下次通話中向您通報最新情況。

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

感謝大家參加今天的會議。這確實結束了程序，您現在可以斷開連接了。