CCC Intelligent Solutions Holdings Inc (CCC) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CCC Intelligent Solutions second-quarter earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 CCC 智慧解決方案第二季財報電話會議。（操作員指示）

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

現在，我想將會議交給第一位發言人、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 second-quarter 2025 financial results, which we announced in the press release issued following the close of the market today. Joining me on the call are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

謝謝您，接線生。下午好，感謝大家今天加入我們，共同回顧 CCC 2025 年第二季的財務業績，我們在今天收盤後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 和 CCC 財務長 Brian Herb。

The forward-looking statements we make today about the company's results and plans are subject to risks and uncertainties that may cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in the earnings releases available on our Investor Relations website and under the heading Risk Factors in our 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 and the Q&A that follows are copyrighted today by CCC Intelligence Solutions Holdings, Inc. Any recording, retransmission or reproduction or other use of the same for profit or otherwise without prior consent of CCC is prohibited and a violation of the United States copyright and other laws. Additionally, while we 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，這些評論和隨後的問答的版權歸 CCC Intelligence Solutions Holdings, Inc. 所有。未經 CCC 事先同意，禁止以盈利或其他目的錄製、重新傳輸或複製或以其他方式使用上述內容，這違反了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 of 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 that CCC delivered another quarter of strong top and bottom line results, reflecting the predictability and profitability of our business.

謝謝你，比爾，也謝謝大家今天的參與。我很高興地報告，CCC 又一個季度取得了強勁的營收和利潤業績，反映了我們業務的可預測性和盈利能力。

The second quarter of 2025, CCC total revenue was $260 million, growing 12% year over year, exceeding our guidance range. Adjusted EBITDA was $108 million, also ahead of our guidance range, and adjusted EBITDA margin was 42%.

2025年第二季度，CCC總營收為2.6億美元，年增12%，超出我們的預期範圍。調整後的 EBITDA 為 1.08 億美元，也高於我們的預期範圍，調整後的 EBITDA 利潤率為 42%。

On today's call, I'd like to cover three themes. The first is the growing success we are having with larger customers in expanding their adoption of our solutions. The second is our continued focus on balancing operating efficiency and investment in innovation. And the third is the power of combining our interconnected network with a unique data and AI-enabled solutions.

在今天的電話會議上，我想談三個主題。首先，我們在擴大我們解決方案的採用方面取得了越來越大的成功。第二是我們持續注重平衡營運效率和創新投入。第三是將我們的互聯網與獨特的數據和人工智慧解決方案結合的力量。

In terms of my first topic, as you know, customers, particularly our largest and most technologically sophisticated ones, undergo lengthy testing and piloting phases, when considering new products. This process is critical in validating customer-specific ROI, identifying internal process improvements that can be made as a result of these new solutions and driving alignment across the company's operations.

關於我的第一個主題，如您所知，客戶，特別是我們最大、技術最先進的客戶，在考慮新產品時會經歷漫長的測試和試點階段。這個過程對於驗證客戶特定的投資回報率、確定可以透過這些新解決方案實現的內部流程改進以及推動整個公司營運的協調至關重要。

In the second quarter, we began to see early evidence of more of our largest customers progressing past this pilot phase into broader rollouts of our solutions across their businesses.

在第二季度，我們開始看到早期證據表明，我們的更多最大客戶已經完成了這個試點階段，並在其業務範圍內更廣泛地推出我們的解決方案。

Let's start with Emerging Solutions. In Q2, several top 10 insurers contracted for multiple AI-enabled auto fiscal damage or APD solutions that extend our photo AI capabilities beyond estimating to include earlier stages of claim handling as well as later stages, such as audit and review. These solutions have, for example, cut the time to identify a total loss in half, resulting in millions of dollars of annual impact with the potential to improve that time and impact even further.

讓我們從新興解決方案開始。在第二季度，幾家排名前十的保險公司簽訂了多項支援人工智慧的汽車財務損失或 APD 解決方案，這些解決方案擴展了我們的照片人工智慧功能，使其不僅局限於估算，還涵蓋了索賠處理的早期階段以及審計和審查等後期階段。例如，這些解決方案將確定總損失的時間縮短了一半，每年可節省數百萬美元，並且有可能進一步縮短損失時間並減少損失。

This is a win-win-win. Insurers avoid unnecessary fees, repair facilities free up base for their repairable vehicles and consumers get faster and more satisfying claims resolution.

這是一個三贏的局面。保險公司避免了不必要的費用，維修設施為可維修的車輛騰出了基地，消費者獲得了更快、更滿意的索賠解決方案。

Another example comes from a client, a top 10 insurer who contracted for this same solution in Q2 after seeing a significant increase in operating efficiency from consumers using the solution, self-service features to document damage, select a repair facility and schedule an appointment.

另一個例子來自一位客戶，這是一家排名前十的保險公司，該客戶在第二季度簽訂了相同的解決方案，因為看到消費者使用該解決方案後運營效率顯著提高，可以使用自助服務功能來記錄損壞情況、選擇維修設施和安排預約。

A third example is the use of AI to streamline the back and forth between insurers and repair facilities over changes to repair estimates, also known as supplements. Over 60% of estimates now have a supplement or in many cases, multiple supplements. And this is a byproduct of the growing complexity in our industry, so this is a major pain point for both insurers and repairs.

第三個例子是使用人工智慧來簡化保險公司和維修機構之間關於維修估算變更（也稱為補充）的來回溝通。現在超過 60% 的估算都有補充，或在許多情況下有多個補充。這是我們行業日益複雜的副產品，因此這對保險公司和維修公司來說都是一個主要的痛點。

Our AI-based solution can help expedite this process and in some cases, auto approve these changes for an insurer's guidelines, significantly reducing cycle time and manual effort. In Q2, a top 5 insurer converted from a limited pilot to a full rollout for this solution as well. Our AI-based subrogation solution is yet another example of growing adoption across the insurance economy.

我們的基於人工智慧的解決方案可以幫助加快這一進程，並且在某些情況下，可以自動批准保險公司指南的這些變化，從而顯著減少週期時間和人工工作量。在第二季度，排名前五名的保險公司也將解決方案從有限的試點轉變為全面推廣。我們的以人工智慧為基礎的代位求償解決方案是保險經濟日益普及的又一例證。

As you have heard me discuss before, Subrogation is often an expensive paper-based manual process that cost ensures more than $2 billion annually to administer. We are seeing growing interest in our AI-based Subrogation solution, and we currently have 25 customers on our Subrogation platform, including multiple top 10 insurers on phased production agreements.

正如您之前聽我討論過的，代位求償權通常是一個昂貴的紙質手動流程，每年的管理成本超過 20 億美元。我們看到人們對我們基於人工智慧的代位求償解決方案的興趣日益濃厚，目前我們的代位求償平台上有 25 個客戶，其中包括多家簽訂了分階段生產協議的前 10 家保險公司。

This group also includes a top 20 insurer, who after a lengthy trial period entered into a long-term agreement with us in Q2 for two key reasons: the first was an attractive 6:1 ROI driven by a combination of efficiency and accuracy, processing demand packages now literally takes minutes or hours versus days and weeks previously. The second reason was the increase in productivity of employees using our tools.

該集團還包括一家排名前 20 的保險公司，該公司在經過長時間的試用期後，於第二季度與我們達成了長期協議，主要原因有二：首先，由於效率和準確性的結合，該公司獲得了頗具吸引力的 6:1 投資回報率，處理需求包現在實際上只需幾分鐘或幾小時，而以前則需要幾天甚至幾週。第二個原因是使用我們的工具的員工生產力提高了。

Our solutions are intuitive to learn, easy to use and help identify important information quickly, which is especially valuable to insurers as the retirements of an experienced workforce means more new hires. With CCC's AI-based abrogation tools, this insurer saw a significant acceleration in speed to competency and less experienced workers future-proofing them as their workforce evolves.

我們的解決方案直觀易學、易於使用，並有助於快速識別重要訊息，這對保險公司來說尤其有價值，因為經驗豐富的員工退休意味著更多的新員工。借助 CCC 基於人工智慧的廢除工具，這家保險公司大幅加快了員工的能力提升速度，並隨著員工隊伍的發展為缺乏經驗的員工提供面向未來的保障。

Decision in Q2 by multiple large insurers to contract with us for our AI-based APD solutions underscores the growing market momentum for these tools and strengthens our belief in the long-term growth trajectory of our expanding portfolio of AI-based solutions.

多家大型保險公司在第二季度決定與我們簽訂基於人工智慧的 APD 解決方案合同，這凸顯了這些工具日益增長的市場勢頭，並增強了我們對不斷擴大的基於人工智慧的解決方案組合的長期增長軌蹟的信心。

We're also seeing strength in our established solutions like casualty. While part of the CCC portfolio for more than a decade, we have over the last several years essentially rebuilt our casualty offering by completely retooling the tech stack, bringing in new leadership and investing heavily in new product development. With casualty-related claims costs, rising faster than general health care costs, customers are increasingly interested in our platform's ability to deliver large tangible impact in this area.

我們也看到了諸如傷亡等既定解決方案的優勢。雖然十多年來我們一直是 CCC 投資組合的一部分，但在過去幾年中，我們透過徹底改造技術堆疊、引入新的領導層並大力投資新產品開發，從根本上重建了我們的意外險產品。由於與傷亡相關的索賠成本上漲速度快於一般醫療保健成本，客戶對我們的平台在這一領域產生巨大實際影響的能力越來越感興趣。

Casualty is a significant growth opportunity for CCC with a very large white space available. While similar in total market opportunity to Auto Physical Damage or APD, Casualty today only represents about 10% of our revenue, and our customer count is 1/5 that of APD. The fact that our Casualty platform already powers several top 20 insurers, including multiple in the top 5, reflects the strength and quality of our offering. We continue to believe Casualty has the potential to be multiple times its current size and over time, possibly as large or even larger than our current insurance APD business.

意外險對於 CCC 來說是一個重要的成長機會，並且擁有巨大的市場空白。雖然整體市場機會與汽車物理損壞保險或 APD 類似，但如今傷亡險僅占我們收入的 10% 左右，我們的客戶數量是 APD 的 1/5。事實上，我們的傷亡保險平台已經為數家排名前 20 的保險公司（包括排名前 5 的多家保險公司）提供支持，這反映了我們產品的實力和品質。我們仍然相信，Casualty 的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。

In Q2, we had contract renewals and expansions in casualty with a top 10 and the top 20 insurer. In addition, the late April announcement about the integration of EvolutionIQ's AI-powered medical record synthesis solution, Med Hub into CCC's casualty suite is generating positive engagement with our auto insurance customers in that solution.

在第二季度，我們與排名前 10 位和排名前 20 位的保險公司續簽了意外險合約並擴大了合約範圍。此外，4 月底宣布將 EvolutionIQ 的人工智慧醫療記錄合成解決方案 Med Hub 整合到 CCC 的傷亡套件中，該解決方案正在與我們的汽車保險客戶產生積極的互動。

We also have strong interest in our next planned expansion of EvolutionIQ's capabilities into auto, which is claims guidance with many customers asking to evaluate the solution as soon as it's ready. EvolutionIQ continues to see solid momentum across its core disability and workers' compensation solutions.

我們也對下一步將 EvolutionIQ 的功能擴展到汽車領域有著濃厚的興趣，這是一項索賠指導，許多客戶要求在解決方案準備好後立即對其進行評估。EvolutionIQ 的核心殘疾和工人賠償解決方案持續保持強勁發展勢頭。

In Q2, we EvolutionIQ renewed and expanded contracts with multiple top 15 disability carriers, including the addition of Med Hub. EvolutionIQ has a strong and growing pipeline of top 20 P&C insurers for its workers' compensation suite as well as Med Hub auto. We continue to view EvolutionIQ as a key strategic asset and a catalyst by cross-selling our Casualty suite into our APD client base of over 300 insurers.

在第二季度，EvolutionIQ 與多家排名前 15 位的殘疾人保險公司續約並擴大了合同，其中包括增加 Med Hub。EvolutionIQ 擁有強大且不斷增長的工人賠償套件以及 Med Hub 汽車保險的前 20 名財產和意外傷害保險公司管道。我們繼續將 EvolutionIQ 視為關鍵策略資產和催化劑，透過向超過 300 家保險公司的 APD 客戶群交叉銷售我們的傷亡保險套件。

This positive momentum and adoption is not limited to our insurance clients. We're also seeing strong adoption by repair facilities of both our AI and non AI-based solutions. And here too, positive results from some of our largest customers give us confidence in the long-term potential of our newest offerings.

這種積極的勢頭和採用不僅限於我們的保險客戶。我們也看到維修設施廣泛採用我們的基於人工智慧和非人工智慧的解決方案。在這方面，一些最大客戶的正面成果也讓我們對最新產品的長期潛力充滿信心。

For example, one of the leading multi-store operators, or MSOs, is already using our visual AI-based estimating solution, mobile jump start to prepare over 95% of their estimates. We view this as a leading indicator for adoption in the industry and an example of how our most sophisticated clients are leveraging our AI-based tools to improve operating efficiency and setting the pace of innovation for the industry overall.

例如，一家領先的多店營運商 (MSO) 已經在使用我們基於視覺化 AI 的估算解決方案，透過行動快速啟動來準備超過 95% 的估算。我們認為這是行業採用的領先指標，也是我們最成熟的客戶如何利用我們基於人工智慧的工具來提高營運效率並為整個行業設定創新步伐的一個例子。

Another example is the continued adoption of bill sheets our accuracy enhancing parts selection tool, which is now being used at over 5,000 repair facilities. This represents a nearly 20% penetration of our repair facility client base in just one year after launch in July of last year. And with Diagnostics, CCC continues to expand its coverage across diagnostics providers on the network enabling repair facilities to work with more providers through an integrated workflow that streamlines administration and improves transparency.

另一個例子是繼續採用清單表作為我們的精確度增強零件選擇工具，目前已被 5,000 多個維修機構使用。這意味著自去年 7 月推出以來，僅一年時間，我們的維修設施客戶群的滲透率就達到了近 20%。透過診斷，CCC 繼續擴大其在網路上的診斷提供者的覆蓋範圍，使維修機構能夠透過簡化管理並提高透明度的整合工作流程與更多提供者合作。

While still early in the adoption cycle, we are encouraged by the success we've had in the second quarter in increasing customer usage of our newer solutions. We believe customers are just scratching the surface of deploying AI to increase efficiency and generate a durable competitive advantage in their business. It will take time for these new contracts to materially contribute to revenue. But we expect that contribution to build as use cases expand and clients send more volume through these solutions.

雖然仍處於採用週期的早期階段，但我們在第二季度成功增加了客戶對我們新解決方案的使用率，這令我們感到鼓舞。我們相信，客戶在部署人工智慧以提高效率和在其業務中創造持久競爭優勢方面才剛剛起步。這些新合約需要一段時間才能真正為收入做出貢獻。但我們預計，隨著用例的擴大和客戶透過這些解決方案發送的量的增加，貢獻也會增加。

As we have seen in the past, our leading early adopter customers set up the next wave of adoption, so the progress we saw in Q2 reinforces our confidence in our long-term growth opportunity.

正如我們過去所看到的那樣，我們領先的早期採用者客戶掀起了下一波採用浪潮，因此我們在第二季度看到的進展增強了我們對長期成長機會的信心。

My second theme is our continued focus on balancing operational efficiency and investment in innovation. Our recurring revenue subscription model, single unified core base, scalable cloud infrastructure and seasoned development capability, combined with our efficient go-to-market model, gives us a highly flexible and scalable business model.

我的第二個主題是我們繼續專注於平衡營運效率和創新投資。我們的經常性收入訂閱模式、單一統一的核心基礎、可擴展的雲端基礎設施和經驗豐富的開發能力，加上我們高效的市場進入模式，為我們提供了高度靈活和可擴展的業務模式。

This enables us to continually invest in innovation throughout economic cycles. And our clients understand that a significant portion of the fees they pay us is reinvested into future innovation that ultimately benefits them. In order to maintain this virtuous cycle, we are constantly focused on identifying new ways to improve CCC's operating efficiency.

這使我們能夠在整個經濟週期中持續投資於創新。我們的客戶明白，他們支付給我們的費用中很大一部分將重新投資於未來的創新，最終使他們受益。為了維持這種良性循環，我們不斷致力於尋找提高 CCC 營運效率的新方法。

Over the past few years, we have made investments that have significantly improved the scalability of our business including building out the iX cloud architecture, streamlining our product development process and driving synergies across our proprietary data sets.

在過去的幾年裡，我們進行的投資顯著提高了業務的可擴展性，包括建立 iX 雲端架構、簡化我們的產品開發流程以及推動我們專有資料集之間的協同效應。

More recently, like our customers, we are starting to see the benefits from leveraging AI internally to help drive the next phase of CCC's operational efficiency. We're using AI to save time, reduce errors and to do things faster and smarter from helping to write code and protect systems to helping hire the right people. CCC has always been at the forefront of AI, and we see these initiatives as a continuation of that trend. These investments further strengthen the scalability of our business model and improve our ability to deliver better solutions to more customers faster, decreasing their time to value and increasing their ROI all while continuing to increase our annual investments in innovation.

最近，與我們的客戶一樣，我們開始看到內部利用人工智慧來幫助推動 CCC 下一階段營運效率的好處。我們正在使用人工智慧來節省時間、減少錯誤並更快、更聰明地完成工作，從幫助編寫程式碼和保護系統到幫助僱用合適的人才。CCC 一直處於人工智慧領域的前沿，我們認為這些舉措是這一趨勢的延續。這些投資進一步增強了我們業務模式的可擴展性，提高了我們更快地向更多客戶提供更好解決方案的能力，縮短了他們的價值實現時間並提高了他們的投資回報率，同時繼續增加我們在創新方面的年度投資。

My third and final theme is the power of combining our interconnected network with our unique data and AI-enabled solutions. It is this combination that enables us to address our clients' current and future operational challenges and the value of this combination was very evident to me at a recent customer conference in Frisco, Texas, a three-day event that was attended by over 300 customers. The foundation of our business is our interconnected network of over 35,000 businesses that we have built over the long term.

我的第三個也是最後一個主題是將我們的互聯網與我們獨特的數據和人工智慧解決方案結合的力量。正是這種結合使我們能夠解決客戶當前和未來的營運挑戰，這種結合的價值在我最近於德克薩斯州弗里斯科舉行的客戶會議上非常明顯，這是一場為期三天的活動，有 300 多名客戶參加。我們業務的基礎是我們長期建立的超過 35,000 家企業的互聯網。

One of my favorite parts of our customer conference is seeing this network in action at the advisory councils, which brings together about 100 senior executives from across the auto insurance ecosystem, including auto physical damage or APD and casualty professionals, OEMs, subrogation teams and repair facilities. These leaders convened to share operational challenges and offer feedback on CCC solutions, which we use to help inform our R&D priorities and address their evolving needs.

在我們的客戶會議上，我最喜歡的部分之一是看到這個網絡在諮詢委員會上發揮作用，它匯集了整個汽車保險生態系統的約 100 名高級管理人員，包括汽車物理損壞或 APD 和意外傷害專業人士、原始設備製造商、代位求償團隊和維修設施。這些領導者齊聚一堂，分享營運挑戰並就 CCC 解決方案提供回饋，我們利用這些回饋來幫助確定我們的研發重點並滿足他們不斷變化的需求。

What was clear from my interaction with clients during the conference was that the operational challenges you heard me talk about in the past, rising complexity of vehicle technology, labor shortages geopolitical uncertainty continue to get more challenging, and our clients are looking to CCC to help them navigate this once in a generation digital transformation of the auto insurance economy.

從我在會議期間與客戶的互動中可以清楚地看出，您在過去聽到我談論的營運挑戰、汽車技術日益複雜、勞動力短缺、地緣政治不確定性繼續變得更具挑戰性，我們的客戶希望 CCC 能夠幫助他們應對這一代人以來汽車保險經濟的數位轉型。

One example of the combination of our interconnected network and our AI-enabled solutions is the IX Cloud. Our event-based architecture, which enables the over 35,000 businesses on our network to set up and manage notifications for relevant business events and configure actions based on those events using AI. We expect the IX Cloud to facilitate a stair-step increase in connectivity across our network and to help create more continuity across the claims ecosystem. This will make the network faster and easier for customers to deploy new CCC solutions and for customers to use multiple CCC solutions together.

IX Cloud 就是我們的互聯網絡和支援 AI 的解決方案相結合的一個例子。我們的基於事件的架構使我們網路上的超過 35,000 家企業能夠設定和管理相關業務事件的通知，並使用 AI 根據這些事件配置操作。我們期望 IX Cloud 能夠促進我們整個網路的連接性逐步提升，並幫助在整個索賠生態系統中創造更多的連續性。這將使網路更快、更輕鬆地為客戶部署新的 CCC 解決方案，並讓客戶同時使用多個 CCC 解決方案。

As these solutions work together, their benefits are amplified. We believe the combination of our industry-leading AI, scalable multi-tenant platform and deep multisided network position us as the partner of choice for this digital transformation. Over time, we believe CCC solutions will be able to help manage an increasing portion of the life cycle of claims and repairs.

隨著這些解決方案的協同作用，它們的優勢將被放大。我們相信，我們行業領先的人工智慧、可擴展的多租戶平台和深度多邊網路的結合使我們成為這一數位轉型的首選合作夥伴。隨著時間的推移，我們相信 CCC 解決方案將能夠幫助管理索賠和維修生命週期中越來越多的部分。

Before I finish, let me provide an update on our Board of Directors. I'd like to welcome new independent Board member, Barak Eilam, Barak is the former CEO of NICE Systems and has over two decades of experience in enterprise software, AI and customer engagement technologies. His proven ability to scale organizations and champion customer-centric innovation will be a great help in our next phase of growth.

在結束之前，請容許我介紹董事會的最新情況。我歡迎新任獨立董事會成員 Barak Eilam，Barak 是 NICE Systems 的前首席執行官，在企業軟體、人工智慧和客戶參與技術方面擁有二十多年的經驗。他已證明有能力擴大組織規模並倡導以客戶為中心的創新，這將對我們下一階段的成長有很大幫助。

I also wish to thank Chris Egan of Advent International, who stepped down from the Board earlier this year. We are deeply grateful for Chris' guidance, leadership and support, since joining the Board in 2017 and as part of Advent's investment in CCC.

我還要感謝 Advent International 的 Chris Egan，他於今年稍早辭去了董事會職務。自 2017 年加入董事會以來，以及作為 Advent 對 CCC 投資的一部分，我們非常感謝 Chris 的指導、領導和支持。

Let me conclude by reiterating the strength of our performance in the second quarter and how we are positioned for success going forward. Every day, our customers face a challenge of helping over 50,000 people affected by auto accidents. CCC played a critical role in delivering continuous innovation that enables our customers to better serve their customers. We believe there is an enormous opportunity in front of us to help our customers reduce cycle times increase operational efficiency and improve consumer experience across the auto insurance economy.

最後，我想重申我們第二季的強勁表現以及我們為未來成功所做的準備。每天，我們的客戶都面臨著幫助超過 50,000 名受到車禍影響的人的挑戰。CCC 在提供持續創新方面發揮了關鍵作用，使我們的客戶能夠更好地服務他們的客戶。我們相信，我們面前有巨大的機會幫助我們的客戶縮短週期時間，提高營運效率並改善整個汽車保險經濟的消費者體驗。

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

現在我將電話轉給 Brian，他將向您更詳細地介紹我們的結果。

Thanks, Githesh. As Githesh highlighted, Q2 was a strong quarter that included meaningful renewals and contract expansions, reflecting positive momentum in the core business as well as our newer solutions.

謝謝，Githesh。正如 Githesh 所強調的，第二季度表現強勁，包括有意義的續約和合約擴展，反映了核心業務和新解決方案的積極勢頭。

Now let's turn to the numbers. I'd like to review our second-quarter 2025 results and then provide guidance for the third quarter and the full year 2025. Total revenue in the second quarter was $260.5 million, which is up 12% from the prior year period. In the second quarter of 2025, approximately 5 percentage points of our growth was driven by cross-sell, upsell and adoption of new solutions across our client base. including repair shop upgrades, the continued expansion of emerging solutions, Casualty and other ecosystem customers.

現在讓我們來看看數字。我想回顧一下我們 2025 年第二季的業績，然後為第三季和 2025 年全年提供指導。第二季總營收為 2.605 億美元，比去年同期成長 12%。2025 年第二季度，我們約 5 個百分點的成長是由客戶群中的交叉銷售、追加銷售和採用新解決方案推動的，包括維修店升級、新興解決方案的持續擴展、傷亡和其他生態系統客戶。

Approximately 3 points of growth came from new logos. Mostly from the repair facilities and parts suppliers and about 4 percentage points of growth came from EvolutionIQ. In the quarter, contributions from emerging solutions continued to expand rounding up to 2 points of growth, mainly from diagnostics, build sheets, SM SDP and subrogation.

大約 3 個增長點來自於新標誌。大部分來自維修設施和零件供應商，約 4 個百分點的成長來自 EvolutionIQ。本季度，新興解決方案的貢獻持續擴大，成長 2 個百分點，主要來自診斷、建構表、SM SDP 和代位求償。

Emerging Solutions represent about 4 percentage points of our total revenue in Q2 of 2025 and these solutions continue to be the fastest-growing portion of our portfolio outside of EvolutionIQ. Industry claim volumes in Q2 declined 8% year over year, a slight improvement from Q1's 9% decline. The trend continues to represent approximately 1 percentage point headwind of growth consistent with the impact that we saw in Q1. The headwind was largely offset by the phasing of revenue through timing of the contract renewals.

新興解決方案約占我們 2025 年第二季總營收的 4%，而這些解決方案持續成為我們除 EvolutionIQ 之外的產品組合中成長最快的部分。第二季產業理賠量年減 8%，較第一季 9% 的降幅略有改善。這一趨勢繼續代表著約 1 個百分點的成長逆風，與我們在第一季看到的影響一致。透過合約續約時間的分階段收入在很大程度上抵消了這一不利因素。

Turning to our key metrics of software gross dollar retention or GDR and software net dollar retention of NDR. Please note that both of these metrics now include EvolutionIQ, and we are using annualized software revenue on a combined basis for the prior year to provide a prior year baseline for annualized revenue growth. GDR captures the amount of revenue retained from our client base compared to the prior year period. In Q2 2025, GDR was 99%, which is in line with the last six quarters.

轉向我們的關鍵指標：軟體總美元保留率或 GDR 和軟體淨美元保留率或 NDR。請注意，這兩個指標現在都包括 EvolutionIQ，並且我們正在使用上一年的年度軟體收入作為合併基礎，以提供上一年年度收入成長的基準。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 年第二季度，GDR 為 99%，與過去六季持平。

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. Our GDR is a core tenet of our predictable and resilient revenue model. NDR captures the amount of cross-sell and upsell from our existing client base compared to the prior year period as well as volume movements in our auto physical damage client base.

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。我們的 GDR 是我們可預測且有彈性的收入模式的核心原則。NDR 記錄了我們現有客戶群與去年同期相比的交叉銷售和追加銷售量，以及汽車物理損壞客戶群的銷售變動。

In Q2 2025, our NDR was [107%]. That's in line with the [107%] in Q1 in 2025 and Q2 with 2024. EvolutionIQ contributed approximately 1 point to MDR in the quarter. Now I'd like to turn to the income statement in more detail. As a reminder, unless otherwise noted, all metrics unit non-GAAP, we provide a reconciliation of GAAP to non-GAAP metrics in our press release.

2025 年第二季度，我們的 NDR 為[107%]。這與 2025 年第一季的 [107%] 和 2024 年第二季的 [107%] 一致。EvolutionIQ 在本季為 MDR 貢獻了約 1 個百分點。現在我想更詳細地討論一下損益表。提醒一下，除非另有說明，所有指標均為非 GAAP 單位，我們會在新聞稿中提供 GAAP 與非 GAAP 指標的對帳。

Adjusted gross profit in the quarter was $203 million, adjusted gross profit margin was 78%, which is up from 77% last quarter and flat with Q2 of 2024. The flat adjusted gross profit margin versus last year primarily reflects an increase in depreciation expense from capitalized project recently put into service, which is offset by modest accretion from EvolutionIQ.

本季調整後毛利為 2.03 億美元，調整後毛利率為 78%，高於上一季的 77%，與 2024 年第二季持平。與去年相比，調整後的毛利率持平，主要反映了近期投入使用的資本化項目的折舊費用增加，但被 EvolutionIQ 的適度增值所抵消。

Overall, we feel good about the leverage and scalability of the business and making progress towards our long-term target of 80% over time. But we will see the percentage move around a bit quarter to quarter. In terms of expenses, adjusted operating expense in Q2, 2025 was $108 million, which is up 13% year over year, including the acquisition of EvolutionIQ.

總體而言，我們對業務的槓桿率和可擴展性感到滿意，並且正在逐步實現 80% 的長期目標。但我們會看到該百分比每季都會略有變化。在費用方面，2025 年第二季調整後的營運費用為 1.08 億美元，年增 13%，其中包括收購 EvolutionIQ。

Excluding EvolutionIQ, adjusted operating expenses declined 1% year over year, primarily driven by lower IT-related costs, partially offset by higher resource-related expenses. Adjusted EBITDA for the quarter was $108 million, up 13% year over year with an adjusted EBITDA margin of 42%. This was above the high end of the range, which was $99 million to $101 million, reflecting the revenue that flowed through in the quarter and approximately $2 million onetime benefit associated from an exit of a vendor relationship in the phasing of expenses.

不包括 EvolutionIQ，調整後的營運費用年減 1%，主要原因是 IT 相關成本下降，但資源相關費用增加部分抵銷了這一影響。本季調整後的 EBITDA 為 1.08 億美元，年增 13%，調整後的 EBITDA 利潤率為 42%。這一數字高於 9,900 萬美元至 1.01 億美元的最高限額，反映了本季度的收入，以及在分階段支出過程中因退出供應商關係而產生的約 200 萬美元的一次性收益。

Now turning to the balance sheet and cash flow. We ended the quarter with $55 million in cash and cash equivalents and $996 million of debt. At the end of the quarter, our net leverage was 2.3 times adjusted EBITDA. Free cash flow in Q2 was $27 million compared to $36 million in the prior year, which reflects the timing of working capital as well as the operating losses from EvolutionIQ. Free cash flow on a trailing 12-month basis was $226 million, which is up about 15% year over year.

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 5,500 萬美元，債務為 9.96 億美元。截至本季末，我們的淨槓桿比率為調整後 EBITDA 的 2.3 倍。第二季的自由現金流為 2,700 萬美元，而去年同期為 3,600 萬美元，這反映了營運資本的時間安排以及 EvolutionIQ 的營運損失。過去 12 個月的自由現金流為 2.26 億美元，較去年同期成長約 15%。

Our trailing 12-month free cash flow margin in Q2 of 2025 was 23% up from 22% in Q2 of 2024. As far as the use of free cash flow, I did want to highlight that we completed an open market repurchase of 11 million shares of CCC stock for $100 million in Q2. Year to date, we've purchased 18 million shares for about $172 million under our previously announced $300 million share repurchase program.

我們 2025 年第二季過去 12 個月的自由現金流利潤率為 23%，高於 2024 年第二季的 22%。就自由現金流的使用而言，我確實想強調的是，我們在第二季以 1 億美元完成了 1,100 萬股 CCC 股票的公開市場回購。年初至今，我們根據先前宣布的 3 億美元股票回購計劃，已回購了 1,800 萬股，價值約 1.72 億美元。

I'll now turn to guidance beginning in 2025, we expect revenue between $263 million to $266 million, which represents 10% to 12% growth year over year. We expect adjusted EBITDA of $104 million to $107 million, a 40% adjusted EBITDA margin at the midpoint. For the full year 2025, we are maintaining our full year revenue and adjusted EBITDA positions. We expect revenue of $1.046 billion to $1.056 billion, which is 11% year-over-year growth at the midpoint and 12% at the high end of the range.

現在我將轉向從 2025 年開始的指導，我們預計收入在 2.63 億美元至 2.66 億美元之間，這意味著同比增長 10% 至 12%。我們預計調整後的 EBITDA 為 1.04 億美元至 1.07 億美元，中間值為 40% 的調整後 EBITDA 利潤率。展望 2025 年全年，我們將維持全年收入和調整後 EBITDA 水準。我們預計營收為 10.46 億美元至 10.56 億美元，中間值為年增 11%，高端值為 12%。

For adjusted EBITDA, we expect $420 million to $428 million, a 40% adjusted EBITDA margin at the midpoint and 41% margin at the high end of the range, which includes absorbing a moderate EBITDA loss from EvolutionIQ. So 3 points to keep in mind as we think about Q3 and the full year guide. First, core CCC is in line with our second half revenue guidance expectations that we previously discussed. The strength in Q2 was driven by the phasing of revenue and timing of contract renewals that benefited the quarter, but does not drive incremental impact to the second half of the year.

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，高端值為 41%，其中包括吸收 EvolutionIQ 的適度 EBITDA 損失。因此，當我們考慮第三季和全年指南時，需要牢記 3 點。首先，核心 CCC 符合我們之前討論過的下半年收入指導預期。第二季的強勁表現得益於收入的分階段分配和合約續約的時間安排，這對該季度有利，但不會對下半年產生增量影響。

We expect to come in at the lower end of the previous $45 million to $50 million guide for EvolutionIQ due to delays in implementation on signed contracts moving to production, which is impacting the timing of revenue.

由於已簽署的合約投入生產實施延遲，影響了收入時間，我們預計 EvolutionIQ 的收入將處於先前 4500 萬至 5000 萬美元指導價的低端。

Second, we feel good about the full year adjusted EBITDA position, which delivers 100 basis points of margin expansion, excluding the impact of EvolutionIQ. Keep in mind, Q2 had a onetime benefit of $2 million related to an exit from a vendor relationship. We do expect second half expenses to be higher than first half driven by the phasing of hiring and some incremental professional services.

其次，我們對全年調整後的 EBITDA 狀況感到滿意，不包括 EvolutionIQ 的影響，其利潤率擴大了 100 個基點。請記住，第二季因退出供應商關係而獲得了 200 萬美元的一次性收益。我們確實預計下半年的支出將高於上半年，這得益於分階段的招募和一些增量專業服務。

The third point is stock-based compensation in Q2 stock-based compensation was 18% of revenue, which is down from 24% of revenue in Q1. We do expect share-based compensation as a percent of revenue to continue to trend down and reach high single digits in 2027.

第三點是股票薪酬，第二季股票薪酬佔營收的18%，低於第一季的24%。我們確實預計，股權激勵佔收入的百分比將繼續呈下降趨勢，到 2027 年將達到高個位數。

So as we wrap up, I would say that I am encouraged by the growing adoption of our newer solutions among our largest client, which is validating our role as a partner in their digital transformation. The momentum across emerging solutions continue to improve strengthening our confidence in delivering against the long-term growth targets.

因此，總結一下，我想說，我們最大的客戶越來越多地採用我們的新解決方案，這讓我感到鼓舞，這證明了我們作為其數位轉型合作夥伴的角色。新興解決方案的發展動能持續增強，增強了我們實現長期成長目標的信心。

I'm also proud of our disciplined balance between operating efficiency and investment in innovation. This is a cornerstone of our durable business model. which enables us to support our clients' evolution, while also delivering long-term value to our shareholders. As a result, we remain confident in our strategy, the execution and the ability to deliver sustainable growth.

我還為我們在營運效率和創新投資之間取得的平衡感到自豪。這是我們持久商業模式的基石，它使我們能夠支持客戶的發展，同時也為股東帶來長期價值。因此，我們對我們的策略、執行力和實現永續成長的能力充滿信心。

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

接線員，我們現在可以回答問題了。謝謝。

(Operator Instructions) Josh Baer, Morgan Stanley.

（操作員指示）摩根士丹利的 Josh Baer。

Congrats on the upside in the quarter. I wanted to start with the full year EBITDA guide reiterated. I know you just kind of walked through some of the items, $2 million benefit in the quarter. But even like without that, there was a lot of upside. Maybe you could give a little more commentary around the expenses and the shifting in professional services, like what those investments are and ultimately, why the full year is just reiterated?

恭喜本季取得進展。我想先重申全年 EBITDA 指南。我知道您剛剛介紹了一些項目，本季的收益為 200 萬美元。但即使沒有這一點，也有很多好處。也許您可以對費用和專業服務的變化發表更多評論，例如這些投資是什麼，以及為什麼只是重申全年數據？

Yes, sure. Josh, it's Brian here. So I would say, overall, the cost base is really a function of timing. So the cost position is consistent with what we talked about in our previous guide and I'd also say that when we look at the quarter, we're not overly focused on managing the margin in individual quarter. So a lot of this just comes down to phasing.

是的，當然。喬希，我是布萊恩。所以我想說，總的來說，成本基礎實際上取決於時間。因此，成本狀況與我們在先前的指南中討論的一致，而且我想說，當我們看這個季度時，我們不會過度關注管理單一季度的利潤率。因此，很多事情都歸結為分階段進行。

A couple of things to call out. We have the onetime item that played into Q2, which was a $2 million benefit in the quarter that doesn't play through in the second half of the year. We also have hiring that's up in the second half. So hiring was lower in the first half, it's going to pick up in the second half. So that's playing into it. Cost of revenue will pick up as well in the second half as we scale revenue.

有幾件事需要提醒。我們有一個一次性項目已計入第二季度，即當季的 200 萬美元收益，但不會延續到下半年。下半年我們的招募人數也會增加。因此，上半年招募人數較低，下半年將會回升。這就是它的作用所在。隨著收入規模的擴大，下半年收入成本也將上升。

And then, as I mentioned before in the prepared remarks, we do have some incremental investment in professional fees. Some of that is attached to recruiting. We also have some project linked to investment initiatives. So those are some of the factors that are playing into the step-up in the second half.

然後，正如我之前在準備好的演講中提到的那樣，我們確實在專業費用方面進行了一些增量投資。其中一些與招聘有關。我們還有一些與投資計畫相關的項目。這些就是影響下半年業績提升的一些因素。

When you think about the cost run rate coming out of the year, we are comfortable with the expected margin progression that we talk about over time. And so we'll expect to see that play through in '26 and beyond.

當您考慮今年的成本運行率時，我們對隨著時間推移所討論的預期利潤率增長感到滿意。因此，我們期望在 26 年及以後看到這一表演。

Okay. Really helpful color, Brian. And then on EIQ, just wondering as far as coming in more at the low end and around some of the delays, what is really causing that? And what steps can you take to improve on that motion?

好的。真的很有幫助的顏色，布萊恩。然後關於 EIQ，我只是想知道，在低端和一些延遲方面，真正的原因是什麼？您可以採取哪些措施來改進該動議？

Yes. Sure, so, what I would say is a few of the signed deals, which are significant deals, size-wise, the implementation timeline is getting pushed out a bit. which means that production is starting later in the year, which is impacting time to revenue. The revenue delay is really an impact in 2025, and we don't expect it to play through or impact the outer years. I'd say the implementation in EIQ is a bit different than our solutions and has some variability, and we are getting smarter on that as we go forward.

是的。當然，我想說的是，一些簽署的協議，從規模上來說都是重要的協議，實施時間表被推遲了一點。這意味著生產將在今年稍後開始，這將影響收入實現時間。收入延遲確實會對 2025 年產生影響，我們預計它不會持續或影響未來幾年。我想說的是，EIQ 中的實現與我們的解決方案略有不同，並且具有一些可變性，隨著我們不斷前進，我們在這方面變得更加聰明。

When you step back and you zoom out on the impact of revenue in 2025, we feel really good about the EvolutionIQ business, strong pipeline, good engagement with clients, and we are starting to see some real meaningful opportunities to cross-sell the solutions into our casualty client base. So we feel really good about the strategic fit of the business going forward.

當你退一步考慮並縮小 2025 年收入的影響時，我們對 EvolutionIQ 業務、強大的管道、與客戶的良好互動感到非常滿意，並且我們開始看到一些真正有意義的機會，可以將解決方案交叉銷售給我們的傷亡客戶群。因此，我們對未來業務的策略契合度感到非常滿意。

And I've also personally had a chance to go visit with many of our customers in -- at EvolutionIQ, they remain excited. Pipeline is strong, core disability is strong. Workers' compensation, we're seeing, a lot of opportunities as well as Med Hub, the new solution we announced and getting a lot of receptivity from both traditional EIQ customers as well as traditional CCC customers.

我個人也有機會去拜訪 EvolutionIQ 的許多客戶，他們仍然很興奮。管道強，核心殘障強。我們看到工人賠償方面有很多機會，我們宣布的新解決方案 Med Hub 也得到了傳統 EIQ 客戶和傳統 CCC 客戶的廣泛認可。

Carolyn Valenti, Goldman Sachs.

高盛的卡洛琳·瓦倫蒂。

This is Carolyn on for Gabriela. First one from me. I would love to dig a bit deeper into the technical changes you talked about in the Casualty -- what did you focus on most when improving the product? And are there one or two key pieces of functionality you added that you think are now contributing to a lot of the success you're seeing?

我是卡洛琳，代替加布里埃拉。我第一個。我很想更深入地了解您在《Casualty》中談到的技術變化——在改進產品時您最關注的是什麼？您添加的一兩個關鍵功能是否對您現在所看到的成功做出了很大貢獻？

Githesh. Yes, there are really several things we've done with the platform. One, modernized and really put in a state-of-the-art rules engine, simulation capabilities, where you can see the impact and changes of different regulations by state. So we have those capabilities, substantially improve the analytics by which our customers manage the overall process as well as some very specific customer-specific enhancements.

吉特什。是的，我們確實利用該平台做了幾件事。一是現代化，真正融入了最先進的規則引擎和模擬功能，您可以看到不同州法規的影響和變化。因此，我們擁有這些能力，可以大大改善客戶管理整個流程的分析能力以及一些非常具體的針對客戶的增強功能。

And as a result of these changes and the leadership changes we've had put in place, we are continuing to see strong growth as well as momentum and pipeline continue to build out.

由於這些變化以及我們已經實施的領導層變動，我們繼續看到強勁的成長動能以及持續增強的管道。

Great. And then just one more for me. Last quarter, you discussed additional conservatism in guidance, given the macro uncertainty. I'm just curious, how do you feel now versus then? And especially given the upside in the quarter, but maintain full year guidance. understand a piece of that is EvolutionIQ and then some other things you called out, but curious on how you feel from a conservatism standpoint?

偉大的。然後我再說一次。上個季度，鑑於宏觀不確定性，您討論了指導中的額外保守性。我只是好奇，與當時相比，你現在的感覺如何？尤其是考慮到本季的上行趨勢，但維持全年指引。了解其中的一部分是 EvolutionIQ，然後是您所提到的一些其他事情，但好奇您從保守主義的角度來看有何感受？

Yes. Carolyn, we feel good on the second half guide. The core is consistent with the previous position. So we made no changes in the organic or the core position. We talked about the EvolutionIQ and the timing of implementations and impact on revenue.

是的。卡羅琳，我們對下半年的指南感覺很好。核心與先前的立場一致。因此，我們沒有對有機或核心地位做出任何改變。我們討論了 EvolutionIQ 以及實施的時間和對收入的影響。

We've seen about a point of growth impact on claim decline in the first half. We're assuming that similar level in the second half. So that's baked in as well. So as we said, we're feeling good on what we delivered in Q2, and we feel good on the second half and how it stacks up against the guide that's in the market.

我們已經看到上半年索賠下降對成長的影響約為一個點。我們預計下半年的水平也將類似。所以這也是理所當然的。正如我們所說，我們對第二季的業績感到滿意，對下半年的業績以及與市場預期的對比也感到滿意。

Samad Samana, Jefferies.

薩瑪德·薩馬納（Samad Samana），傑富瑞集團。

Again, congrats on a good quarter. Maybe first, Brian, I don't know if I caught the tail end of what you said to the prior question. What are you assuming specifically on volume trends? I know they've they've oscillated but how are you thinking about what is baked into guidance for the rest of the year?

再次恭喜本季取得良好業績。首先，布萊恩，我不知道我是否明白你對前面那個問題的回答。您對交易量趨勢有何具體假設？我知道他們一直在搖擺不定，但您如何看待今年剩餘時間的指導意見？

Are you assuming that 8% level holds, I know that, again, it's bounced around on you. What are you assuming? And what did you see in the month of July? And then I have one follow-up question.

您是否認為 8% 的水平能夠維持，我知道，它再次對您產生了影響。你在假設什麼？七月你看到了什麼？然後我有一個後續問題。

Yes, sure. So first of all, I would just remind you that we have 80% of our revenue is subscription-based, which isn't moving with volumes. About 20% is transactional that does fluctuate with volumes. And so overall, the claim volumes doesn't have a material impact on growth rate. So I'll just kind of start there.

是的，當然。首先，我要提醒大家，我們 80% 的收入來自訂閱，這與銷售無關。大約 20% 是交易性的，會隨著交易量而波動。因此整體而言，索賠量對成長率沒有實質影響。所以我將從那裡開始。

What we've seen to date is claims were down 9% in Q1, it had a 1 point drag on growth. claims around -- in Q2, they were down 8% and then also had a 1 point drag in growth, what we're factoring in for the second half and which was in the previous position, is that 1 point of drag continues in the second half of the year.

到目前為止，我們看到第一季的索賠下降了 9%，對經濟成長造成了 1 個百分點的拖累。第二季的索賠下降了 8%，也對經濟成長造成了 1 個百分點的拖累，我們對下半年的因素以及先前的預測是，下半年將繼續造成 1 個百分點的拖累。

So kind of what we're seeing playing out through the balance of the year, we're not necessarily modeling is claims down 9%. Is it down 8%? Is it 7%? I'm really modeling out this 1 point of decline related to claim volumes playing through the balance of the year.

因此，就我們在今年餘下時間所看到的情況而言，我們不一定能預測到索賠金額會下降 9%。下降了8%嗎？是7%嗎？我實際上是在模擬與今年餘下的索賠量相關的 1 點下降情況。

Understood. And then Githesh, it's good to see the pilot phases turning into broader rollouts for some of the newer solutions. I know that we shouldn't assume near-term revenue from those. But could you maybe just help us understand how that -- what the timeline has looked like historically for when a broader rollout happens to when it turns into revenue.

明白了。然後是 Githesh，很高興看到一些較新的解決方案從試點階段發展成為更廣泛的推廣。我知道我們不應該期望從中得到短期收入。但是，您能否幫助我們了解從更廣泛的推廣到轉化為收入的時間表歷史上是怎樣的？

And just as you think about the broader rollouts that have happened, are those full in scope? Or is there more room for expansion in those as well to get to kind of full revenue contribution?

正如您所考慮的，已經進行的更廣泛的推廣是否具有全面的範圍？或者是否還有更多的擴展空間以實現全部收入貢獻？

Sure. I'll start with a broader answer, right? So we've been developing many of these solutions for couple of years or more. And we really have been spending a lot of time looking at really three fundamental things for each of these solutions. One, do they solve a really big problem that is real, significant. Is the ROI strong? Is it sustainable? Meaning if you didn't use the solution, your results revert back.

當然。我會從更廣泛的答案開始，對嗎？因此，我們已經花了幾年甚至更長時間開發這些解決方案。我們確實花了很多時間研究每個解決方案的三個基本要素。第一，他們是否解決了一個真正重要、現實的大問題。投資報酬率高嗎？它可持續嗎？這意味著如果您沒有使用該解決方案，您的結果將會恢復原狀。

The answer is this is really the fundamentals of what some of our most sophisticated customers have been testing for some period of time. And you roll even further back, when you look at estimating or insurance workflow or automotive business, these all started by answering these fundamental questions and over a period of 5 years, 10 years, 20 years, those are growing to multi-hundred-million-dollar businesses.

答案是，這實際上是我們一些最成熟的客戶在一段時間內測試過的基本原理。再往前追溯，當你看估算或保險工作流程或汽車業務時，這些都是從回答這些基本問題開始的，並且在 5 年、10 年、20 年的時間裡，它們發展成為價值數億美元的業務。

So when we look at these solutions, we look at it over that long arc of time, and there are really two dimensions very specific to your question. The first dimension is customers are still not putting all their volume through these solutions even the ones that have contracted for it. They are gradually increasing the volume as they've contracted and because the results are good, they're getting more comfortable with it.

因此，當我們研究這些解決方案時，我們會從很長的一段時間來研究它，並且實際上有兩個維度非常具體地針對您的問題。第一個方面是，客戶甚至沒有簽訂合約來採用這些解決方案。隨著合約的簽訂，他們逐漸增加了合約數量，由於效果良好，他們對此也越來越適應。

So even post contract, we see expansion within existing the customers that contracted in Q2 will continue to expand. At the same time, as the confidence in these solutions grow and the referenceability of these solutions grow and other customers start to get more comfortable and more excited about what they're seeing. We feel that we will be able to bring on more and more customers. So both those two dimensions are really important to scaling within existing customers and bringing on more customers.

因此，即使簽訂合約後，我們也會看到現有客戶的成長，第二季簽訂合約的客戶將繼續擴大。同時，隨著對這些解決方案的信心不斷增長以及這些解決方案的可參考性的不斷增長，其他客戶開始對他們所看到的內容感到更加滿意和興奮。我們覺得我們將能夠吸引越來越多的客戶。因此，這兩個維度對於擴大現有客戶規模和吸引更多客戶都非常重要。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

This is [Bella] on for Alexei. How long do you expect the claims weakness cycle to last beyond 2025? And would you say there's anything unique about this cycle compared to past periods of weakness. And as a follow-up, what macro indicators would give you hope of the dynamic improving?

這是 [Bella] 為 Alexei 表演的。您預計2025年後索賠疲軟週期將持續多久？您認為與過去的疲軟時期相比，這次週期有什麼獨特之處嗎？接下來，哪些宏觀指標可以讓您對動態改善抱持希望？

Yes. I would say a couple of things, right? When you look at our data, we see a disconnect between underlying accident frequency and what is really filed claims. And based on our view of this, that's why we believe this is cyclical. And if you -- the difference between this cycle and previous cycles is that premiums have been up 50% since March of 2020. We've not seen a cycle in the last 20-plus years, where over a short period of time, insurance premiums went up 50%.

是的。我會說幾件事，對吧？當您查看我們的數據時，我們會發現潛在的事故頻率和實際提出的索賠之間存在脫節。根據我們的觀點，這就是我們認為這是週期性的。如果你——這個週期與之前的週期的區別在於，自 2020 年 3 月以來，保費已經上漲了 50%。在過去的 20 多年裡，我們還沒有看到保險費在短時間內上漲 50% 的周期。

So what we are seeing, our customers are seeing is a lot of consumers are adjusting their behavior by increasing deductibles, reducing coverage on order vehicles, avoiding nonessential filing nonessential claims to prevent hikes in premiums. And so this is really the underlying pattern that we're seeing.

因此，我們看到，我們的客戶看到的是，許多消費者正在調整他們的行為，透過增加免賠額，減少訂購車輛的保險範圍，避免不必要的索賠，以防止保費上漲。這就是我們所看到的潛在模式。

And then to answer your question about timing, while we're not sure we can be sure about of underlying factors, I would say, are the following: first, repair costs are starting to moderate. So in terms of repair costs, those costs are starting to moderate. Premium increases are also starting to moderate. And so that's really what we've started to see over the last couple of quarters. And the underlying delta is really filed claims versus the underlying frequency of accidents. Does that help?

然後回答你關於時間的問題，雖然我們不確定是否可以確定潛在的因素，但我想說的是：首先，維修成本開始下降。因此，就維修成本而言，這些成本開始趨於緩和。保費漲幅也開始放緩。這就是我們在過去幾個季度開始看到的情況。而底層增量實際上是索賠數量與事故發生頻率的對比。這樣有幫助嗎？

Yes. That's really helpful.

是的。這真的很有幫助。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Last quarter, you talked about your expectations for an elongation of the sales momentum and implementation cycles. And is this -- are we seeing things tracking along your expectation? Or have things improved at all since we talked last quarter?

上個季度，您談到了對銷售動能和實施週期延長的期望。這是—我們看到的事情是否符合您的預期？或者自從我們上個季度談話以來情況有任何改善嗎？

I'm assuming you're talking about our -- we really talk about really three buckets, right? There's emerging solutions, our core solutions and then EIQ. I think for our emerging solutions, it is now to a point where the ROI, the change management, the comfort with the AI has reached a point where customers are now making decisions moving from pilot to contract. So we feel very good about that transition.

我假設您正在談論我們的——我們實際上談論的是三個桶，對嗎？有新興的解決方案、我們的核心解決方案以及 EIQ。我認為，對於我們新興的解決方案而言，投資回報率、變更管理、人工智慧的舒適度現在已經達到了客戶從試點到簽訂合約做出決策的程度。因此，我們對這一轉變感到非常高興。

And a lot of that happened in Q2 and that makes us feel very, very good because we've seen this pattern over 20-plus years when people get comfortable with the solution that part. So nothing really material or even subrogation, we can be up and running. So that feels good that we've kind of started to solve that issue. Regarding the core solutions, that is standard.

其中許多都發生在第二季度，這讓我們感覺非常非常好，因為我們已經看到了這種模式 20 多年來，人們對該部分的解決方案感到滿意。因此，沒有什麼實質內容，甚至沒有什麼代位求償權，我們就可以開始運作了。所以感覺很好，我們已經開始解決這個問題了。關於核心解決方案，這是標準的。

We've been doing those credits casualty or our core solutions that's been going on for a while. And then for EIQ, specifically, I'll just repeat the answer Brian gave earlier, which is we've seen a couple of instances where sizable customers have signed contracts and have taking a little more time to put into production for EIQ, but on the flip side, the pipeline, the activity and what we're seeing in terms of really strong interest from customers makes us as bullish about the EIQ business as the day we entered into the transaction.

我們一直在做這些信用損失或核心解決方案，這已經持續了一段時間了。然後對於 EIQ，具體來說，我只想重複 Brian 之前給出的答案，我們已經看到一些例子，一些大客戶已經簽署了合同，並且需要更多的時間來投入 EIQ 的生產，但另一方面，渠道、活動以及我們所看到的來自客戶的強烈興趣讓我們對 EIQ 業務充滿信心，就像我們進入交易的那一天一樣。

So there's nothing changing in the core business in terms of just the cadence of sales or implementation versus your expectations. I understand you talked a little bit about the pilot moving and then the EIQ moving. But in terms of just the overall business and the cadence of way things move, that's been the same?

因此，就銷售或實施的節奏與您的預期而言，核心業務沒有任何變化。我知道您談到了飛行員的調動以及 EIQ 的調動。但就整體業務和事物發展的節奏而言，情況是一樣的嗎？

If anything, in Q2, we started to see a slight acceleration, especially on our emerging solutions.

如果有什麼不同的話，那就是在第二季度，我們開始看到輕微的加速，尤其是在我們的新興解決方案方面。

Got it. And then just one thing for Brian. If I take out that $2 million of exit revenue and then go in a kind of put 4% growth, it seems like it's like underlying organic growth. Is that the right way to look at it? Is it kind of rounding up a little bit better than it did last quarter when I exclude EIQ.

知道了。然後對 Brian 來說只有一件事。如果我拿出 200 萬美元的退出收入，然後實現 4% 的成長，這看起來就像是潛在的有機成長。這是正確的看待方式嗎？當我排除 EIQ 時，它是否比上一季的表現更好一些？

For the quarter, was that the question. 12%, it was broken down. EIQ, EvolutionIQ was 4%. That leaves the balance about 8% in the quarter. Within that 8%, we had 2 points of growth from emerging. So that's kind of how the quarter breaks down.

對於本季度，這是一個問題。 12%，它被細分了。EIQ，EvolutionIQ為4％。這使得本季度的餘額約為 8%。在這 8% 中，我們有 2 個成長點來自新興市場。這就是本季的詳細情況。

But I'm talking about the $2 million from the exit. I'm just trying to get a --

但我談論的是退出時的 200 萬美元。我只是想得到一個--

Yes, Sam, just to -- that was a cost item that played through EBITDA was not a revenue item. So it's a onetime cost benefit when we exited a vendor relationship, it was in a client-specific point. It wasn't a revenue point.

是的，山姆，這只是一項透過 EBITDA 計算的成本項目，而不是收入項目。因此，當我們退出供應商關係時，這是一種一次性的成本效益，它是針對客戶特定的。這不是一個收入點。

8% under that.

低於此水準的 8%。

Yes. So yes, 8% revenue core, the $2 million I'm referencing that's playing through was a cost benefit in the quarter that's not playing through in the second half of the year.

是的。是的，8% 的核心收入，也就是我提到的 200 萬美元，是本季的成本效益，不會在下半年發揮作用。

(Operator Instructions) Bill McNamara, Evercore ISI.

（操作員指示）Bill McNamara，Evercore ISI。

This is Bill on for Kirk. Can you talk through any of the free cash flow dynamics experienced for the quarter?

這是比爾 (Bill) 代替柯克 (Kirk)。能談談本季自由現金流的動態嗎？

Bill, yes, happy to. Yes, free cash flow was a little lighter this quarter than we've seen. There's really nothing notable to highlight there was just some timing on working capital and collections that were a little lighter in the quarter. We're also absorbing the losses from EvolutionIQ, when you look at it on a 12-month rolling basis, it was about 23% of revenue. That's slightly up from the prior year 12-month basis, up 22%. So although the quarter itself was a little bit lighter on cash, there's nothing real notable to highlight or to call out.

比爾，是的，我很樂意。是的，本季的自由現金流比我們看到的要少一些。確實沒有什麼值得強調的，只是本季營運資金和收款方面的一些時間安排稍微少了一些。我們也正在吸收 EvolutionIQ 的損失，如果以 12 個月的滾動數據來看，這約佔收入的 23%。這比去年同期 12 個月的增幅略有上升，為 22%。因此，儘管本季本身的現金流略有減少，但並沒有什麼真正值得強調或指出的地方。

And then is there any further insight you can provide us about the rollout of your pay workflow tool? And I guess, what has been the feedback from customers? And is this a particularly lengthy sales process to convince customers to switch?

那麼，您能否向我們提供有關薪酬工作流程工具推出的進一步見解？我想問一下，顧客的回饋如何？為了說服客戶轉換，這是否是一個特別漫長的銷售過程？

We have started to implement customers. They like the solution a lot. We think we're still early days significant amount of runway in terms of the solution, especially for many of the multi-store operators are interested. We've looked at early implementation. The feedback has been good. So nothing, I would say, one way or the other to report.

我們已經開始實施客戶。他們非常喜歡這個解決方案。我們認為，就解決方案而言，我們仍處於早期階段，特別是對於許多有興趣的多店業者而言。我們已經研究了早期實施情況。反饋很好。所以我想說，無論如何都沒有什麼好報告的。

I mean, we've got a pretty broad suite of solutions for the automotive market. And they will run at different paces, right? For example, when you look at diagnostics, or you look at bill sheets, they run a little faster because they're a little less complicated. This one has a little more complexity to it. So it runs a little slower and especially it's very early days.

我的意思是，我們為汽車市場提供了相當廣泛的解決方案。而且它們奔跑的速度也不同，對嗎？例如，當您查看診斷程序或帳單時，它們運行速度會更快一些，因為它們不太複雜。這個有點複雜。因此它的運行速度有點慢，特別是在早期階段。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Maybe, Githesh, on kind of the dimensions you called out with large customers kind of moving from pilot to production, I wonder if there's any kind of additional granularity you can kind of go into? Is it something that, hey, it's validation and confidence in the value afforded by these systems that's allowing them to maybe push forward a little bit faster here? Is it, we've got our internal teams in place, so now we're more comfortable to kind of lean in?

也許，Githesh，在您提到的大客戶從試點轉向生產的維度上，我想知道您是否可以深入探討一些額外的細節？是因為對這些系統所提供的價值的驗證和信心，才使得它們能夠在這裡更快地向前推進？是不是說，我們已經有了內部團隊，所以現在我們可以更輕鬆地投入工作了？

Maybe help me think through some of the puts and takes that are pushing forward and how maybe that correlates to some of the trends you've seen in the past given you've had kind of multiple new cycles over time as well.

也許可以幫助我思考一些正在推動的利弊，以及考慮到您在一段時間內也經歷了多個新的周期，這可能與您過去看到的一些趨勢有何關聯。

Yes. I think it's a great question. So I would say at the heart of it is that AI is fundamentally different from anything else we've ever built, right? It's probabilistic in terms of the outcomes, and it took a little bit of time for people to get really comfortable with what the AI delivers in terms of output and the like. So there's a significant increase in the reliability, the quality and people are getting much more comfortable.

是的。我認為這是一個很好的問題。所以我想說，其核心在於人工智慧與我們曾經建造的任何其他東西有著根本的不同，對嗎？從結果來看，它是機率性的，人們需要花一點時間才能真正適應人工智慧在輸出等方面所提供的內容。因此可靠性和品質都有了顯著的提高，人們也變得更加舒適。

I would say the second and probably more important thing is that the ROI is real. So when customers use the solution, they get one set of results. If they stop the solution, those results materially are not there. So you had the benefits of what I would call the AB testing and customers are really seeing great benefits.

我想說的第二點，也可能是更重要的一點是投資報酬率是真的。因此，當客戶使用該解決方案時，他們會得到一組結果。如果他們停止解決問題，這些結果實際上就不存在了。因此，您獲得了我所說的 AB 測試的好處，客戶也確實看到了巨大的好處。

And then there's also what I call second-order benefits like some of that I mentioned in the call, where, hey, I can get my I've had turnover. I brought in a lot of new people and with your AI and with these solutions, they are coming up to speed so much faster and quicker than some of our more experienced 15-, 20-, 30-year people. So we're seeing some of those benefits.

然後還有我所說的二階效益，就像我在電話中提到的一些那樣，嘿，我可以獲得我的營業額。我引進了許多新人，透過你們的人工智慧和這些解決方案，他們的適應速度比我們一些經驗豐富的 15 年、20 年、30 年的人快得多。所以我們看到了其中的一些好處。

But at the heart of it, it is the results. They are delivering tangible fundamental results that our customers now feel very good about, and these are very sophisticated customers and that's why they're moving to contract. That's what makes us feel good.

但其核心在於結果。他們正在提供實際的基本成果，我們的客戶現在對此感到非常滿意，這些都是非常成熟的客戶，這就是他們轉向合約的原因。這讓我們感覺良好。

Okay. No, that's great. I appreciate the depth there. And then maybe on the Casualty side of the equation, we've kind of called out significant interest with Med Hub and maybe some of the EIQ components as well, too. I wonder, within that universe, there's a lot of inflation and severity on the claims side that helped historically kind of drive a lot of adoption on the APD business.

好的。不，那太好了。我很欣賞那裡的深度。然後也許在傷亡方面，我們對 Med Hub 以及一些 EIQ 組件表現出了極大興趣。我想知道，在那個宇宙中，索賠方面的大量通貨膨脹和嚴重性從歷史上看有助於推動 APD 業務的大量採用。

Wondering if you can make any parallels there as maybe the casualty side is starting to see maybe more of that claims pressure, which is really emphasizing kind of carriers to digitize and get more efficient?

想知道您是否可以做出任何類比，因為也許傷亡方面開始看到更多的索賠壓力，這實際上強調了承運商的數位化和效率？

You are absolutely right because what we are seeing and our customers, more importantly, are seeing is that the inflation in casualty is much higher on the casualty claims than in general health care. So general health care as a category is high and what people are seeing in casualty claims is even higher. So as a result of many of the things we have helped our customers accomplish over time on auto physical damage we are now able to deliver many of these capabilities on the casualty side.

您說得完全正確，因為我們以及我們的客戶看到的是，傷亡索賠的通貨膨脹率遠高於一般醫療保健的通貨膨脹率。因此，一般醫療保健作為一個類別的比例很高，而人們看到的傷亡索賠比例甚至更高。因此，由於我們長期以來幫助客戶在汽車物理損壞方面取得的許多成就，我們現在能夠在傷亡方面提供許多這樣的能力。

Hence, the number of customers that are either new coming on to the platform or expanding the usage of our tools or new -- completely new to the platform, we're seeing all of those activities. But it is becoming a significant issue.

因此，我們看到了新加入該平台、擴大我們工具使用範圍或全新加入該平台的客戶數量。但它正在成為一個重大問題。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

I wanted to go back to the commentary you had just around -- it sounds like maybe some green shoots in emerging solutions as things move from pilot into production. Could you just clarify, are you seeing that show up in terms of multiyear contracts. It sounds like you have better visibility, but maybe if you could just be a little bit more specific in terms of the types of deals like are these ramp structures, where you expect people to be layering the stuff in, in 2026, 2027? How many of your top clients did you see this (inaudible)? That would be helpful.

我想回到您剛才的評論——聽起來，隨著試點進入生產階段，新興解決方案中可能會出現一些綠芽。您能否澄清一下，您是否看到這種情況在多年期合約中有所體現？聽起來您有更好的可見性，但也許您可以更具體地說明交易類型，例如這些坡道結構，您預計人們會在 2026 年、2027 年將這些東西分層放置在哪裡？您有多少位頂級客戶看到了這個（聽不清楚）？那將會很有幫助。

Yes. Let me start with maybe the last part of your question first. So one of the things we've done is that the solutions that we've taken a lot of time to develop, we think they apply across our entire customer base. So these are not solutions that only apply to a certain segment of our customers or other segments. So these are broader solutions on which there's just very, very broad applicability. And many of our customers, who used some of our previous solutions have been using -- and these are all -- and the contracts we're talking about are multiyear contracts.

是的。我先從你問題的最後一部分開始。因此，我們所做的事情之一是，我們花費大量時間開發的解決方案，我們認為它們適用於我們的整個客戶群。因此，這些解決方案並非僅適用於我們某一部分客戶或其他部分。因此，這些是更廣泛的解決方案，具有非常廣泛的適用性。我們的許多客戶都使用過我們之前的一些解決方案——這些都是——我們所談論的合約都是多年期合約。

And what we are seeing is that when customers contract, they believe they will put a certain amount of volume through. And what we're already starting to see is customers are starting to expand beyond the volume of contracts putting in. So as we look at '25, is to go to '26 to '27. volumes from those customers will continue to increase as they start putting more and more volume through.

我們看到的是，當客戶簽約時，他們相信他們會投入一定數量。我們已經看到，客戶簽訂的合約數量正在不斷擴大。因此，當我們展望 25 年、26 年和 27 年時，隨著這些客戶的吞吐量不斷增加，他們的吞吐量也將繼續增加。

But at the same time, we now have enough reference customers who are now our other customers look to, I'll also say, wow, this solution is now in production, I can start using it and get a lot of value. And yes, and at the bottom line, these are multimillion-dollar contracts for each new product.

但同時，我們現在有足夠的參考客戶，他們現在是我們的其他客戶所關注的，我也會說，哇，這個解決方案現在已經投入生產，我可以開始使用它並獲得很多價值。是的，從根本上來說，每款新產品的合約價值都高達數百萬美元。

Helpful. And a follow-up just on the competitive landscape. We've seen some of the horizontal SaaS and workflow players sort of announced industry-specific solutions for the insurance market, whether that's ServiceNow. Just curious, are you seeing any attempts from sort of the horizontal folks kind of getting more into the claims processing in your side of the market, it would just be great to get your thoughts on the potential threat, if at all, from some of the horizontal players?

很有幫助。並關注競爭格局。我們已經看到一些橫向 SaaS 和工作流程參與者宣布了針對保險市場的行業特定解決方案，無論是 ServiceNow。只是好奇，您是否看到橫向人員試圖更多地參與您所在市場的索賠處理，如果有的話，請聽聽您對來自某些橫向參與者的潛在威脅的看法？

I won't provide the name, but I did have one of the largest horizontal providers in my office earlier today, and we spent about an hour a good bit of time. And they really -- this is a great example of them saying, we are in a very horizontal capability. and what CCC, what we're doing is extraordinarily extraordinary depth of vertical I give you a very simple example.

我不會透露名字，但今天早些時候我的辦公室裡確實有一位最大的水平供應商，我們花了大約一個小時的時間。他們真的——這是一個很好的例子，他們說，我們處於非常水平的能力。而 CCC，我們正在做的是極其非凡的垂直深度，我給你一個非常簡單的例子。

The example that we use is photo capability, having trained the AI around the cars, around the parts and photo capabilities to then solve very, very deep vertical solutions. And as I had mentioned, the ecosystem and the network that we have is an extraordinarily broad ecosystem. So in many places, we will play with existing infrastructures customers have, but we feel very, very good about our solutions.

我們使用的例子是照片功能，圍繞著汽車、零件和照片功能對人工智慧進行訓練，然後解決非常非常深層的垂直解決方案。正如我所提到的，我們擁有的生態系統和網絡是一個非常廣泛的生態系統。因此，在許多地方，我們將利用客戶現有的基礎設施，但我們對我們的解決方案感到非常非常滿意。

Gary Prestopino, Barrington.

加里·普雷斯托皮諾，巴林頓。

A lot of questions have been answered, but I wanted to just ask you is the EvolutionIQ, you kind of channel down the revenue attainment this year? Is it still going to impact margins, adjusted EBITDA margins by about 200 basis points?

很多問題都已經得到解答，但我只想問一下 EvolutionIQ，您是否會降低今年的收入目標？這是否仍會對利潤率、調整後的 EBITDA 利潤率產生約 200 個基點的影響？

Gary, it's Brian. Yes, EvolutionIQ, if you strip out the impact and look at core CCC, excluding EvolutionIQ, we're making about 100 basis points of margin progression for the year. So EvolutionIQ is the difference between that. the moderate loss they have is -- that we talked about last quarter is in the relative range of what we're expecting to see. So kind of consistent from that perspective. But strip out EvolutionIQ and we're looking at about 100 basis points of margin progression for core.

加里，我是布萊恩。是的，EvolutionIQ，如果剔除影響並查看核心 CCC（不包括 EvolutionIQ），我們今年的利潤率成長約為 100 個基點。因此 EvolutionIQ 就是兩者之間的差異。他們所遭受的適度損失是 - 我們上個季度討論過的，這在我們預期的相對範圍內。從這個角度來看，這是一致的。但除去 EvolutionIQ，我們發現核心利潤率成長約 100 個基點。

Okay. And then just in terms of -- when you look at the overall business, and we're seeing claims volume decline. There's a lot of reasons for that. a lot of it mostly economic, but how much of that claims volume decrease in your opinion, is really coming from more ADAS proliferating through the car park?

好的。就整體業務而言，我們發現索賠量正在下降。造成這種情況的原因有很多，其中大部分是經濟原因，但您認為索賠量的減少有多少是真正由於停車場中越來越多的 ADAS 所致？

Gary, that's a question that is really not very clear in terms of the answer. But by and large, our fundamental belief is that this is the underlying frequency of claims. We have not seen a material change because every car of every type goes through our platform in one way, shape or form. And what we believe is a very fundamental difference between accident frequency and claims being filed for economic reasons. That, we think, is the fundamental cause -- and by the way, there's a lot of third-party data that supports that view as well.

加里，這個問題的答案確實不是很清楚。但總的來說，我們的基本信念是，這是索賠的基本頻率。我們沒有看到實質的變化，因為每種類型的每輛車都以某種方式、形狀或形式通過我們的平台。我們認為，事故發生頻率和因經濟原因提出索賠之間存在著根本區別。我們認為，這是根本原因——順便說一句，有很多第三方數據也支持這一觀點。

I'm showing no further questions at this time. I would now like to turn it back to Githesh Ramamurthy for any further closing remarks.

我目前沒有其他問題。現在我想把發言時間交還給 Githesh Ramamurthy，請他做進一步的總結發言。

Well, I would like to, on behalf of all of us, say thank you for joining us. We're very optimistic about the outlook for the business, and we remain confident in our ability to deliver on our strategic and financial objectives while helping our customers with their digital transformation. I'd also like to take this opportunity to say thank you to our customers for their trust and confidence in us and I also like to thank the CCC team and our shareholders for their support.

好吧，我想代表我們所有人對你們的加入表示感謝。我們對業務前景非常樂觀，我們仍然有信心我們有能力實現我們的策略和財務目標，同時幫助我們的客戶進行數位轉型。我也想藉此機會感謝客戶對我們的信任和信心，也感謝 CCC 團隊和股東的支持。

We remain excited about the opportunities in front of us and look forward to updating you on our next quarterly call.

我們對眼前的機會仍然感到興奮，並期待在下次季度電話會議上向您通報最新情況。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。