CCC Intelligent Solutions Holdings Inc (CCC) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CCC Intelligent Solutions third quarter fiscal 2025 conference call. (Operator Instructions) Please be advised that today's call is being recorded.

您好，感謝您的耐心等待。歡迎參加 CCC Intelligent Solutions 2025 財年第三季電話會議。（操作員指示）請注意，今天的通話將會被錄音。

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

現在我謹將會議交給今天的第一位發言人，投資者關係副總裁比爾沃明頓。請繼續。

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

謝謝接線生。早安，感謝各位今天與我們一起回顧 CCC 2025 年第三季財務業績，該業績已於今天早上發布的新聞稿中公佈。與我一同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.

我們今天就公司績效和計畫所作的前瞻性陳述存在風險和不確定性，可能導致實際績效和公司計畫的實施與預期有重大差異。這些風險已在投資者關係網站上發布的收益報告中進行了討論，並在我們向美國證券交易委員會提交的 2024 年 10-K 表格年度報告中的「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 Intelligent 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 United States copyright and other laws. Additionally, while we will provide a transcript of portions of this call, and we have approved the publishing of a transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in the transcripts.

此外，這些評論和接下來的問答內容目前由 CCC Intelligent Solutions Holdings, Inc. 享有版權。未經 CCC 事先同意，禁止以任何方式錄製、轉發、複製或以其他方式使用上述內容以牟利或其他目的，否則將違反美國版權法和其他法律。此外，雖然我們將提供本次通話的部分文字記錄，並且我們已經批准第三方發布本次通話的文字記錄，但我們對文字記錄中可能出現的不准確之處不承擔任何責任。

Please note that the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends 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. Thank you.

請注意，今天電話會議的討論內容包括美國證券交易委員會定義的某些非GAAP財務指標。本公司認為，這些非GAAP財務指標可以為管理層和投資者提供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。GAAP 與非 GAAP 指標的調整表可在我們投資者關係網站上發布的獲利報告中查閱。謝謝。

I'll now turn the call over to Githesh.

現在我將把通話交給吉特什。

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.

謝謝你，比爾。感謝各位今天蒞臨。我很高興地報告，CCC 又一個季度實現了強勁的營收和利潤成長。

In the third quarter of 2025, total revenue was $267 million, up 12% year-over-year and ahead of our guidance range. Adjusted EBITDA was $110 million, also ahead of our guidance range, and our adjusted EBITDA margin was 41%. These results underscore the strength of our platform and the scalability of our model and the growing demand for AI-driven innovation across the insurance economy.

2025 年第三季總營收為 2.67 億美元，年增 12%，超出我們的預期範圍。調整後 EBITDA 為 1.1 億美元，也高於我們的預期範圍，調整後 EBITDA 利潤率為 41%。這些結果凸顯了我們平台的實力、我們模型的可擴展性，以及保險業對人工智慧驅動創新日益增長的需求。

On today's call, I'll focus on two key themes that define our Q3 performance and outlook. First, adoption continued to improve across our platform, particularly among our largest and most sophisticated customers. This momentum builds on the strong trends we observed in Q2 and reflects customers' growing confidence in CCC's ability to help deliver measurable ROI and operational efficiency at scale.

在今天的電話會議上，我將重點放在定義我們第三季業績和前景的兩個關鍵主題。首先，我們平台上的用戶採納率持續提高，尤其是在我們規模最大、最成熟的客戶群中。這一勢頭建立在我們在第二季度觀察到的強勁趨勢之上，反映出客戶對 CCC 幫助實現可衡量的投資回報率和大規模營運效率的能力越來越有信心。

Second, we are proactively investing in our organization to harness this momentum to accelerate value creation across the insurance claim and repair ecosystem, enhancing our go-to-market capabilities, deepening client and partner relationships, and strengthening our multisided network. We believe these investments position CCC for continued durable long-term growth.

其次，我們正在積極投資我們的組織，以利用這一勢頭加速整個保險索賠和維修生態系統的價值創造，增強我們的市場拓展能力，深化客戶和合作夥伴關係，並加強我們的多邊網絡。我們相信這些投資將使 CCC 能夠持續實現長期成長。

Let's start with the first theme, the accelerating adoption of CCC's platform across our customer base. In Q3, we saw momentum across our customer base with multiple renewals, relationship expansions, and new business wins. These results reflect the value our solutions deliver and the trust our clients place in CCC.

讓我們從第一個主題開始，即CCC平台在我們的客戶群中加速普及。第三季度，我們的客戶群發展勢頭強勁，續約、關係拓展和新業務拓展等各項指標均有所提升。這些結果反映了我們解決方案的價值以及客戶對CCC的信任。

A recurring theme in CCC's four decades is the evolution of individual solutions into a connected platform. The most recent evolution is with our AI-based solutions, which are following a similar trajectory as previous growth cycles.

CCC四十年來反覆出現的主題是將單一解決方案演變為互聯平台。最近的發展體現在我們基於人工智慧的解決方案上，這些解決方案的發展軌跡與先前的成長週期類似。

Starting with the launch of Estimate-STP in late 2021, we've expanded vision AI use cases to create a powerful AI layer that enhances our core software with advanced capabilities in routing, estimating, and workflow. These capabilities are seamlessly connected through our event-based overlay, IX Cloud, which links more than 35,000 businesses across the CCC network.

自 2021 年底推出 Estimate-STP 以來，我們擴展了視覺 AI 用例，創建了一個強大的 AI 層，透過路徑規劃、估算和工作流程的高級功能增強了我們的核心軟體。這些功能透過我們基於事件的疊加層 IX Cloud 無縫連接，IX Cloud 將 CCC 網路中的 35,000 多家企業連接起來。

When multiple solutions are used together, it creates a compounding effect, reducing cycle time across the ecosystem and improving outcomes for insurers, repairers, and consumers alike. We continue to see good engagement from our auto physical damage or APD insurance clients in Q3 with multiple renewals and contract expansions.

當多種解決方案結合使用時，會產生疊加效應，從而縮短整個生態系統的週期時間，並改善保險公司、維修商和消費者的利益。第三季度，我們的汽車實體損壞險（APD）客戶持續保持良好的參與度，續保和合約擴展數量眾多。

For example, a top 20 insurer signed on for Intelligent Reinspection, our workflow AI solution, demonstrating the growing demand for intelligent automation across the claim life cycle. Adoption of these solutions continues to scale, driven by their proven ability to deliver meaningful ROI and operational efficiency.

例如，前 20 名的保險公司簽約使用我們的工作流程 AI 解決方案 Intelligent Reinspection，這表明理賠生命週期中對智慧自動化的需求日益增長。這些解決方案的採用規模不斷擴大，這得益於它們已被證明能夠帶來顯著的投資回報率和營運效率。

As I have said before, our largest and most sophisticated customers put new technologies, including our solutions through rigorous testing and piloting before full adoption. Our customers consider these processes to be essential to validate their specific ROI to identify internal process improvements and to align stakeholders across their organization.

正如我之前所說，我們規模最大、技術最成熟的客戶在全面採用新技術（包括我們的解決方案）之前，都會對其進行嚴格的測試和試點。我們的客戶認為這些流程對於驗證其具體的投資報酬率、確定內部流程改進以及協調組織內各利益相關者至關重要。

We're now seeing evidence that working with our customers through these diligence processes contributes to increased adoption of our solutions. Over the past year, a top 10 insurer has increased the number of AI-based solutions in use and the volume of claims being affected by those different AI use cases. As a result, this customer increased the number of claims leveraging at least one CCC AI model from roughly 15% of their claims to about 40%. This is a clear example of CCC turning innovation into operational impact, delivering measurable gains across the claims journey.

我們現在看到證據表明，透過這些盡職調查流程與客戶合作有助於提高我們解決方案的採用率。過去一年，排名前十名的保險公司增加了使用人工智慧解決方案的數量，並增加了受這些不同人工智慧用例影響的索賠數量。因此，該客戶利用至少一個 CCC AI 模型處理的索賠數量從其索賠總數的約 15% 增加到約 40%。這是 CCC 將創新轉化為營運影響的一個明顯例子，在整個理賠過程中實現了可衡量的收益。

Following the progress in APD, let's turn to casualty, an exciting growth area where our investments in technology, talent, and product innovation are paying increasing dividends. For example, Liberty Mutual, the sixth largest auto insurer in the United States by 2024 direct premium written has signed with CCC and is actively transitioning a substantial portion of their casualty business to our platform.

繼 APD 取得進展之後，讓我們轉向意外傷害領域，這是一個令人興奮的成長領域，我們在技術、人才和產品創新方面的投資正在獲得越來越大的回報。例如，到 2024 年，美國第六大汽車保險公司 Liberty Mutual（以直接保費收入計算）已與 CCC 簽約，並正在積極將其大部分意外傷害業務轉移到我們的平台。

This decision was based on the strength of CCC's platform capabilities, the breadth of our extended ecosystem, and our ability to deliver operating performance through ease of use, actionable analytics, and continuous innovation, including AI. This transition has just started and will not be at full run rate until mid-2026.

這項決定是基於 CCC 平台的強大功能、我們擴展生態系統的廣度，以及我們透過易用性、可操作的分析和持續創新（包括人工智慧）來提升營運績效的能力。這項轉型才剛開始，要到 2026 年中才能全面展開。

In addition to the Liberty Mutual contract, we had multiple renewals and contract expansions across our casualty client base, including a top five insurer for both first and third-party claims. Growth in our casualty business is outpacing overall company growth and represents one of CCC's most compelling long-term opportunities, which we believe may reach or even exceed the scale of our auto physical damage insurance business over time.

除了與 Liberty Mutual 簽訂的合約外，我們還與許多意外傷害保險客戶簽訂了續約和合約擴展協議，其中包括一家在第三方索賠方面排名前五的保險公司。我們的意外險業務成長速度超過了公司整體成長速度，代表了 CCC 最具吸引力的長期機會之一，我們相信隨著時間的推移，其規模可能會達到甚至超過我們的汽車物理損壞保險業務。

Part of our confidence in the casualty opportunity comes from the fact that its total addressable market is similar in scale to APD, but its customer count is currently just 1/5 that of APD and contributes approximately 10% of our revenue. Medical inflation and complexity are also increasing rapidly with our insurance customers increasingly focused on addressing this area of claims.

我們對意外傷害保險市場充滿信心，部分原因是其潛在市場規模與 APD 相似，但其客戶數量目前僅為 APD 的 1/5，貢獻了我們約 10% 的收入。隨著醫療通膨和複雜性的迅速增加，我們的保險客戶越來越關注這方面的理賠問題。

We're also advancing tools to help our insurers manage injury claims, an area where EvolutionIQ is already delivering results. EvolutionIQ saw good momentum in Q3, renewing and expanding contracts with multiple top 15 disability carriers, launching Medhub for auto casualty and adding its first workers' compensation cross-sell into an existing CCC customer.

我們也不斷改進工具，以幫助我們的保險公司管理人身傷害索賠，而 EvolutionIQ 已經在這一領域取得了成效。EvolutionIQ 在第三季度取得了良好的發展勢頭，與多家排名前 15 的殘疾保險公司續簽並擴大了合同，推出了 Medhub 汽車意外險，並首次向一家現有的 CCC 客戶交叉銷售了工傷賠償保險。

A central pillar of our investment thesis in EvolutionIQ was the integration of its AI-powered injury claims resolution capabilities into CCC's auto casualty suite. This strategic alignment positions us to accelerate our momentum in casualty and unlock new cross-sell opportunities across our APD client base of over 300 insurers.

我們在 EvolutionIQ 投資理念的核心支柱是將其人工智慧驅動的傷害索賠解決能力整合到 CCC 的汽車意外傷害解決方案中。這種策略調整使我們能夠加快在意外險領域的發展勢頭，並在我們擁有 300 多家保險公司的 APD 客戶群中挖掘新的交叉銷售機會。

The first milestone in this integration journey was Medhub, EvolutionIQ's AI-powered medical record synthesis solution becoming generally available for auto casualty in Q3. Medhub's ability to decode complex medical documentation and surface actionable insights is generating strong interest from multiple top 10 insurers. In the past 12 months, Medhub has processed 6 million documents, 5.5 million full summaries, and 82 million pages.

這次整合之旅的第一個里程碑是Medhub，EvolutionIQ的AI驅動的醫療記錄合成解決方案在第三季正式以車禍受害者推出。Medhub 能夠解讀複雜的醫療文件並從中挖掘出可操作的見解，這引起了多家排名前十的保險公司的濃厚興趣。在過去的 12 個月裡，Medhub 處理了 600 萬份文件、550 萬份完整摘要和 8,200 萬頁內容。

Another strategic rationale for our acquisition of EvolutionIQ was the opportunity to deploy EvolutionIQ solutions, particularly its emerging workers' compensation product line into CCC's existing insurance client base. With seven of the top 10 workers' comp P&C insurers already CCC clients, we are excited to announce that in Q3, a top 25 CCC APD and casualty client became a new customer for EvolutionIQ's workers' comp solution.

我們收購 EvolutionIQ 的另一個策略理由是，有機會將 EvolutionIQ 的解決方案，特別是其新興的工傷賠償產品線，部署到 CCC 現有的保險客戶群中。前 10 大工傷賠償財產保險公司中有 7 家已經是 CCC 的客戶，我們很高興地宣布，在第三季度，一家排名前 25 的 CCC APD 和意外傷害保險公司成為​​了 EvolutionIQ 工傷賠償解決方案的新客戶。

Together, CCC and EvolutionIQ are enabling insurers to harness AI more broadly, driving meaningful improvements in operational efficiency, customer experience and claim outcomes. Over time, we plan to scale these capabilities across our client base, unlocking new pathways for growth and long-term value creation. This integration is a natural extension of our platform strategy, uniting data, AI, and workflow automation to address complex challenges in injury claims resolution.

CCC 和 EvolutionIQ 攜手合作，使保險公司能夠更廣泛地利用人工智慧，在營運效率、客戶體驗和理賠結果方面取得顯著進步。隨著時間的推移，我們計劃將這些能力擴展到我們的客戶群，從而開闢新的成長途徑和長期價值創造。此次整合是我們平台策略的自然延伸，它將數據、人工智慧和工作流程自動化結合起來，以應對人身傷害索賠解決中的複雜挑戰。

While insurers are scaling adoption of our AI solutions, repair facilities are also embracing innovation to meet the challenges of increasingly complex vehicles and higher consumer expectations. As vehicles become more advanced and customers demand faster, more accurate and more transparent service, repair facilities face growing pressure to deliver. CCC's platform is designed to help repairers thrive in today's demanding environment.

保險公司正在擴大採用我們的人工智慧解決方案，而維修機構也積極擁抱創新，以應對日益複雜的車輛和消費者不斷提高的期望所帶來的挑戰。隨著車輛技術不斷進步，客戶對服務的要求也越來越高，維修設施面臨越來越大的壓力，需要滿足這些要求。CCC 的平台旨在幫助維修人員在當今競爭激烈的環境中取得成功。

This quarter, we saw continued momentum of repair facilities adopting our latest solutions. For example, Build Sheets, our accuracy-enhancing part selection tool has now been adopted by over 5,500 repair facilities, up from about 5,000 last quarter. Usage of our photo AI-powered estimating tool, Mobile Jumpstart is also accelerating. In September, we surpassed an annualized run rate of over 1 million AI-based repair estimates generated using Mobile Jumpstart. Jumpstart enables repairs to cut estimate preparation time from 30 minutes to under two, freeing up technicians and accelerating cycle times.

本季度，我們看到維修設施繼續保持著採用我們最新解決方案的勢頭。例如，我們的零件選擇工具「組裝表」提高了零件選擇的準確性，目前已被超過 5,500 家維修機構採用，而上一季這一數字約為 5,000 家。我們基於照片人工智慧的估價工具 Mobile Jumpstart 的使用率也在加速成長。9 月份，我們使用 Mobile Jumpstart 產生的基於 AI 的維修估價的年化運行率超過了 100 萬次。Jumpstart 可以將維修估價準備時間從 30 分鐘縮短到 2 分鐘以內，從而解放技術人員並加快維修週期。

With tools like JumpStart and Build Sheets, CCC is helping define what modern, efficient and consumer-centric repair looks like. We believe our AI-driven tools and the connectivity of our network are driving a widening gap in operating efficiency and consumer experience between repair facilities on the CCC platform and those that are not, a gap that we anticipate will continue to expand as adoption and expectations rise.

透過 JumpStart 和 Build Sheets 等工具，CCC 正在幫助定義現代、高效和以消費者為中心的維修模式。我們相信，我們的人工智慧驅動工具和網路連接正在拉大使用 CCC 平台的維修設施與未使用該平台的維修設施在營運效率和消費者體驗方面的差距，我們預計隨著採用率和期望值的提高，這種差距將繼續擴大。

Let's take CCC's routing AI solution, First Look as an example. It helps insurers only route vehicles to a repair facility if they're truly repairable, preventing shops from losing valuable time and space on vehicles that will ultimately be declared total losses. Our workflow AI solution, Intelligent Reinspection is another example. It reviews supplement requests, which now occur in about two-thirds of repair claims.

我們以CCC的路徑規劃AI解決方案First Look為例。這有助於保險公司只將真正可修復的車輛送到修理廠，防止修理廠在最終會被宣佈為全損的車輛上浪費寶貴的時間和空間。我們的工作流程人工智慧解決方案「智慧複檢」就是另一個例子。它會審核補充請求，目前大約三分之二的維修索賠都會出現補充請求。

With CCC's new solution, roughly 40% of those supplement requests are auto approved, significantly shortening cycle time for repairs. We will continue to introduce new solutions that combine the connectivity of our multisided network and the power of AI to deliver even greater efficiency and consumer experience gains for our customers. As a result, we expect the productivity and service gap between those on the CCC network and those who are not to expand over time.

借助 CCC 的新解決方案，大約 40% 的補充請求可自動獲得批准，從而大大縮短維修週期。我們將繼續推出新的解決方案，將我們多邊網路的連接性和人工智慧的力量結合起來，為我們的客戶帶來更高的效率和更好的消費者體驗。因此，我們預計隨著時間的推移，加入 CCC 網路的使用者與未加入 CCC 網路的使用者之間的生產力和服務差距將會擴大。

This brings me to the second theme of today's call, the organizational investments we are making to accelerate value creation across the insurance claim and repair ecosystem. In addition to getting to know many of our team members during his first six months at CCC, our new President, Tim Welsh and I have met with dozens of clients. These conversations were invaluable and had three takeaways.

這就引出了今天電話會議的第二個主題，即我們正在進行的組織投資，以加速整個保險索賠和維修生態系統的價值創造。在加入 CCC 的頭六個月裡，除了結識了我們團隊的許多成員之外，我們的新總裁 Tim Welsh 和我還會見了數十位客戶。這些對話非常有價值，並得出三個重要結論。

The first is that our insurance customers are increasingly focused on the affordability of their products. A recent Guardian service study found that one in four Americans have downgraded or dropped insurance to free up cash and one in three would temporarily go without coverage to afford basic necessities. This underscores a critical question our clients are asking, how can CCC help improve operational cost efficiency to make insurance more affordable for consumers?

首先，我們的保險客戶越來越重視產品的可負擔性。《衛報》最近的一項調查發現，四分之一的美國人為了騰出現金而降低了保險等級或取消了保險，三分之一的人為了負擔基本生活必需品，會暫時放棄保險。這凸顯了我們的客戶提出的一個關鍵問題：CCC 如何幫助提高營運成本效率，使保險對消費者更實惠？

The second takeaway is that our clients are intent on leveraging the opportunities presented by the current wave of technology-driven transformation. AI creates new possibilities for handling claims and new opportunities for participants in the CCC ecosystem to collaborate. Insurers, repair facilities, OEMs and other participants in the ecosystem are looking to us for strategic guidance on how to leverage AI to streamline workflows and navigate the organizational change required to implement these innovations. They are not looking for incremental gains. They want a step change, and they want CCC to help them achieve it.

第二個結論是，我們的客戶決心利用當前科技驅動轉型浪潮帶來的機會。人工智慧為處理索賠創造了新的可能性，也為 CCC 生態系統中的參與者提供了合作的新機會。保險公司、維修機構、OEM廠商以及生態系統中的其他參與者都希望我們能提供策略指導，以了解如何利用人工智慧來簡化工作流程，並因應實施這些創新所需的組織變革。他們追求的不是漸進式成長。他們想要實現質的飛躍，他們希望 CCC 能幫助他們實現這一目標。

The third takeaway is that our clients want us to do more with them. Over time, we've built long-term relationships by supporting their mission-critical processes and consistently delivering platform-driven innovation. As a result, our role has evolved into a trusted adviser and innovation partner. Clients are asking us to provide solutions that integrate more deeply across their operations and ecosystems as well as work closely with them to help shape the future of insurance.

第三個要點是，我們的客戶希望我們能與他們合作更多。隨著時間的推移，我們透過支持他們的關鍵業務流程並持續提供平台驅動的創新，建立了長期的合作關係。因此，我們的角色已經演變為值得信賴的顧問和創新合作夥伴。客戶要求我們提供能夠更深入融入其營運和生態系統的解決方案，並與他們緊密合作，幫助塑造保險業的未來。

These client conversations reaffirm the strength of our product investments and highlight CCC's growing role as a transformation partner of choice. Combined with strong adoption momentum we're seeing across our platform, this gives us the confidence to invest behind the demand, positioning CCC to capitalize on what we believe is a transformative era of growth and innovation. One of the key investments we're making is a refinement of our go-to-market strategy to better engage customers around the broader value of the CCC platform.

這些與客戶的對話再次肯定了我們在產品投資方面的優勢，並突顯了 CCC 作為首選轉型合作夥伴日益重要的角色。結合我們平台上強勁的採用勢頭，這讓我們有信心投資以滿足需求，使 CCC 能夠抓住我們認為具有變革意義的成長和創新時代。我們正在進行的關鍵投資之一是改進我們的市場推廣策略，以便更好地讓客戶了解 CCC 平台的更廣泛價值。

As we shared on our February call, early changes included simplifying our solution packaging by combining insurance offerings into a more holistic outcome-driven bundles, enhancing change management support to accelerate adoption of newer innovations and consolidating all market-facing and service functions under Tim Welsh's leadership to drive alignment and accountability.

正如我們在二月份的電話會議上分享的那樣，早期的變革包括簡化我們的解決方案包裝，將保險產品合併成更全面的、以結果為導向的套餐；加強變革管理支持，以加速採用新的創新；以及將所有面向市場和服務職能整合到 Tim Welsh 的領導下，以推動協調一致和問責制。

The next phase of this evolution involves augmenting our teams with new skill sets. bringing in talent that can help us build broader, deeper and more strategic relationships across key clients. One way that we are doing this is augmenting our existing teams with new client leaders that have proven expertise in deep strategic consultative platform sales, which will allow us to engage higher and more broadly across the organization. We are funding these investments by reallocating existing spend to these higher ROI opportunities. These moves reflect our confidence in our long-term growth potential and are guided by what our clients need most.

這項發展的下一階段包括為我們的團隊引入新的技能人才，幫助我們與重要客戶建立更廣泛、更深入、更具策略性的合作關係。我們實現這一目標的方式之一是，透過吸收在深度策略諮詢平台銷售方面擁有豐富經驗的新客戶領導者來擴充我們現有的團隊，這將使我們能夠與組織內更高層、更廣泛的群體進行互動。我們正在透過將現有支出重新分配到這些投資回報率更高的機會來為這些投資提供資金。這些舉措體現了我們對自身長期成長潛力的信心，並以客戶最需要的需求為指導。

As part of our broader effort to align the organization for scale, we have also separated the previously combined roles of Chief Product Officer and Chief Technology Officer and are actively recruiting to fill both positions. This structural change enables greater focus and specialization across both functions, which we believe will drive stronger execution, enhance client satisfaction and elevate the consumer experience. In parallel, we are continuing to invest in our multisided network, adding new capabilities, expanding participation and integrating advanced AI features that enhance our ability to deliver differentiated value at scale. With over 200 partner organizations, we see significant opportunity to deepen existing relationships and forge new ones, further strengthening the CCC ecosystem. Taken together, these investments reflect our commitment to scaling CCC's impact by aligning our organization more closely with client needs, deepening strategic relationships and strengthening the ecosystem that powers our platform.

作為我們為擴大組織規模而進行的更廣泛努力的一部分，我們也將先前合併的首席產品長和首席技術長職位分開，並正在積極招募人員填補這兩個職位。我們相信，這種結構性變化將使兩個職能部門更加專注和專業化，從而推動更強大的執行，提高客戶滿意度，並提升消費者體驗。同時，我們正持續投資於我們的多邊網絡，增加新功能，擴大參與範圍，並整合先進的人工智慧功能，從而增強我們大規模提供差異化價值的能力。我們擁有 200 多個合作夥伴組織，看到了深化現有關係和建立新關係的巨大機會，從而進一步加強 CCC 生態系統。總而言之，這些投資體現了我們致力於透過使我們的組織更緊密地與客戶需求保持一致、深化策略關係以及加強為我們平台提供支援的生態系統來擴大 CCC 的影響力。

We are confident that these steps position us to lead in a rapidly evolving market and deliver meaningful durable value for our customers, partners and shareholders. Every day, CCC's solutions help our customers support over 50,000 people affected by vehicle accidents and over 10,000 impacted by workplace injuries, helping them get their lives back on track as quickly as possible. Since going public in 2021, we've doubled the annual dollar value of claims processed in our system from slightly over $100 billion to over $200 billion. For this, we are truly grateful to the growing trust and reliance from our customers across the insurance economy.

我們相信，這些措施將使我們在快速變化的市場中處於領先地位，並為我們的客戶、合作夥伴和股東創造有意義的持久價值。每天，CCC 的解決方案可協助我們的客戶支援超過 50,000 名受交通事故影響的人和超過 10,000 名受工傷影響的人，幫助他們盡快恢復正常生活。自 2021 年上市以來，我們系統處理的年度索賠金額已翻了一番，從略高於 1000 億美元增加到超過 2000 億美元。為此，我們衷心感謝保險業客戶對我們日益增長的信任和依賴。

We saw clear traction in Q3, particularly among some of our largest and most sophisticated customers. Their adoption trends reinforce our confidence in the structural changes we're making to scale our impact and deliver against a compelling long-term growth opportunity. As the insurance economy continues its digital transformation, CCC remains deeply committed to providing our customers with solutions to shape a future where innovation drives better outcomes for businesses, consumers and communities. We are excited about the road ahead and confident in our ability to deliver strong results and lasting value.

我們在第三季看到了明顯的成長勢頭，尤其是在我們一些最大、最成熟的客戶中。他們的採用趨勢增強了我們對正在進行的結構性變革的信心，這些變革旨在擴大我們的影響力，並抓住令人矚目的長期成長機會。隨著保險業的數位轉型不斷推進，CCC 始終致力於為客戶提供解決方案，以塑造一個創新能夠為企業、消費者和社區帶來更好結果的未來。我們對未來的道路充滿期待，並有信心取得顯著成果和創造持久價值。

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

現在我將把電話交給布萊恩，他將更詳細地向大家介紹我們的結果。

Thanks, Githesh. As Githesh highlighted, Q3 was a strong quarter with meaningful new business wins, renewals, contract expansions and a continuation of the adoption momentum we saw in Q2. These results reflected the continued execution of our platform strategy and the strategic investments we're making to support long-term growth.

謝謝，吉特什。正如 Githesh 所強調的那樣，第三季度是一個強勁的季度，我們贏得了重要的新業務，續簽了合同，擴大了合同範圍，並延續了我們在第二季度看到的增長勢頭。這些結果反映了我們平台策略的持續執行以及我們為支持長期成長而進行的策略性投資。

Now let's turn to the numbers. I will review our third quarter 2025 results and then provide guidance for the fourth quarter and the full year of 2025. Total revenue in the third quarter was $267 million, which is up 12% from the prior year period. In the third quarter of 2025, approximately 5 points of growth was driven by cross-sell, upsell and adoption of our solutions across our client base. including repair shop upgrades, the continued adoption of our emerging solutions and casualty.

現在讓我們來看數據。我將回顧我們 2025 年第三季的業績，然後對 2025 年第四季和全年業績進行展望。第三季總營收為 2.67 億美元，比上年同期成長 12%。2025 年第三季度，我們透過交叉銷售、向上銷售以及客戶群對我們解決方案的採用，實現了約 5 個百分點的增長，其中包括維修店升級、我們新興解決方案的持續採用以及意外事故。

Approximately 3 points of growth came from our new logos, mostly repair facilities and parts suppliers and about 4 points of growth came from EvolutionIQ.

大約 3 個百分點的成長來自我們的新標誌，主要是維修設施和零件供應商，大約 4 個百分點的成長來自 EvolutionIQ。

In the quarter, contribution from our emerging solution expanded to just over two points of growth, mainly driven by our AI-based APD solutions, subrogation, diagnostics and Build Sheets. Emerging solutions represent about 4 percentage points of our total revenue in Q3 of 2025, and these solutions continue to be the fastest-growing portion of our portfolio. Industry claim volumes in Q3 declined 6% year-over-year. That compares to 9% decline in Q1 and an 8% decline in Q2. The trend continues to represent approximately a 1 percentage point headwind to growth, consistent with the impact we experienced in the first half of the year.

本季度，我們新興解決方案的貢獻成長了兩個百分點以上，主要得益於我們基於人工智慧的 APD 解決方案、代位求償、診斷和建構表。新興解決方案在 2025 年第三季占我們總收入的約 4 個百分點，而這些解決方案仍然是我們產品組合中成長最快的部分。第三季產業理賠量較去年同期下降 6%。相比之下，第一季下降了 9%，第二季下降了 8%。這一趨勢持續對經濟成長構成約 1 個百分點的阻力，與我們在今年上半年所經歷的影響一致。

Turning to our key metrics of software gross dollar retention or GDR and software net dollar retention or NDR, please note that both of these metrics now include EvolutionIQ, and we're using an annualized software revenue on a combined basis for the prior year to provide a baseline for annualized revenue growth. GDR captures the amount of revenue retained from our client base compared to the prior year period. In Q3 2025, our gross dollar retention was 99%, which is in line with the last couple of years.

關於軟體毛收入留存率 (GDR) 和軟體淨收入留存率 (NDR) 這兩個關鍵指標，請注意，這兩個指標現在都包含了 EvolutionIQ，並且我們使用上一年的綜合年度軟體收入作為年度收入成長的基準。GDR 反映的是與去年同期相比，我們從客戶群中保留的收入金額。2025 年第三季度，我們的毛美元留存率為 99%，與過去幾年的情況一致。

We believe that GDR reflects the value we provide and the significant benefits that accrue to our clients from participating in the broader CCC network, our strong GDR is a core tenet to our predictable and resilient revenue model. Net dollar retention captures the amount of cross-sell and upsell from our existing clients compared to the prior year period as well as volume movements in our auto physical damage client base. In Q3 2025, our NDR was 105%, which is down from 107% in Q2 2025, primarily due to timing of deals.

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 網路所獲得的顯著利益，我們強大的 GDR 是我們可預測和有韌性的收入模式的核心原則。淨美元留存率反映了我們現有客戶的交叉銷售和追加銷售金額與上一年同期相比的變化，以及我們汽車物理損壞客戶群的數量變化。2025 年第三季度，我們的淨銷售額佔比為 105%，低於 2025 年第二季的 107%，主要原因是交易時間安排。

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 of GAAP to non-GAAP metrics in our press release. Adjusted gross profit in the quarter was $199 million. Adjusted gross profit margin was 75%, which is down from 78% last quarter and against Q3 of 2024.

現在我想更詳細地分析一下損益表。提醒一下，除非另有說明，所有指標均為非GAAP指標。我們在新聞稿中提供了GAAP指標與非GAAP指標的調節表。本季調整後毛利為1.99億美元。調整後的毛利率為 75%，低於上季的 78%，也低於 2024 年第三季的水準。

The lower adjusted gross profit margin is mostly driven by higher depreciation from newly launched solutions and software enhancements.

調整後毛利率下降主要是由於新推出的解決方案和軟體升級帶來的折舊增加所致。

Other impacts include a onetime impact of the write-off of a discontinued solution and revenue mix. 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 this percent can move around quarter-to-quarter. In terms of expenses, adjusted operating expense in Q3 2025 was $106 million, which is up 12% year-over-year, including the acquisition of EvolutionIQ. Excluding EvolutionIQ, adjusted operating expense increased 3% year-over-year, primarily driven by higher resource-related expenses and professional fees. Adjusted EBITDA for the quarter was $110 million, up 8% year-over-year with an adjusted EBITDA margin of 41%, this was above the high end of the range, which was $104 million to $107 million, reflecting the revenue that flowed through in the quarter and some phasing of costs that have moved into the fourth quarter.

其他影響包括一次性註銷已停產解決方案和收入結構的影響。總體而言，我們對業務的槓桿作用和可擴展性感到滿意，並朝著我們長期目標 80% 的目標穩步前進，但這個百分比可能會逐季度波動。就支出而言，2025 年第三季的調整後營運支出為 1.06 億美元，年增 12%，其中包括收購 EvolutionIQ。剔除 EvolutionIQ 的影響，調整後的營運費用年增 3%，主要原因是資源相關費用和專業費用增加。本季調整後 EBITDA 為 1.1 億美元，年增 8%，調整後 EBITDA 利潤率為 41%，高於預期範圍的上限（1.04 億美元至 1.07 億美元），反映了本季實現的收入以及部分成本分攤到第四季度的情況。

Stock-based compensation as a percent of revenue declined to 15% in Q3. That's down from 24% of revenue in Q1 and 18% of revenue in Q2. We expect stock-based compensation as a percent of revenue to continue to trend down in Q4, and in 2026 to reach high single digits in 2027. That's subject to further business needs and market conditions. Now let's turn to the balance sheet and cash flow.

第三季度，股票選擇權激勵佔營收的比例下降至 15%。這比第一季營收的 24% 和第二季營收的 18% 有所下降。我們預期股票選擇權激勵佔收入的百分比將在第四季度繼續下降，並在 2026 年至 2027 年達到接近兩位數。這取決於未來的業務需求和市場狀況。現在我們來看資產負債表和現金流量表。

We ended the quarter with $97 million in cash and cash equivalents and $993 million of debt. At the end of the quarter, our net leverage was 2.1x adjusted EBITDA. We continue to show improving trends in free cash flow generation. Free cash flow in Q3 was strong at $79 million. That compares to $49 million in the prior year period.

本季末，我們持有現金及現金等價物9,700萬美元，負債9.93億美元。截至季末，我們的淨槓桿比率為調整後 EBITDA 的 2.1 倍。我們的自由現金流產生能力持續呈現改善趨勢。第三季自由現金流強勁，達到 7,900 萬美元。相比之下，上年同期為 4,900 萬美元。

This reflects strong collections and favorable timing on working capital. Free cash flow on a trailing 12-month basis was $255 million, which is up 28% year-over-year. Our trailing 12-month free cash flow margin as of Q3 2025 was 25%. That's up from 22% in Q3 of '24.

這反映出收款情況良好，營運資金到位時間也較為有利。過去 12 個月的自由現金流為 2.55 億美元，較去年同期成長 28%。截至 2025 年第三季度，我們過去 12 個月的自由現金流利潤率為 25%。這比 2024 年第三季的 22% 有所上升。

We have used our strong free cash flow performance to return capital to shareholders through the share repurchases. In Q3, we completed open market repurchases of 4.8 million shares of CCC common stock for about $45 million. We continue to be active buyers in October, bringing the total year-to-date repurchase to approximately 30 million shares for approximately $280 million under our previously announced $300 million share repurchase program.

我們利用強勁的自由現金流，透過股票回購向股東返還資本。第三季度，我們完成了 480 萬股 CCC 普通股的公開市場回購，金額約 4,500 萬美元。10 月我們繼續積極回購股票，根據我們先前宣布的 3 億美元股票回購計劃，今年迄今的回購總額已達到約 3,000 萬股，價值約 2.8 億美元。

I'll now turn to guidance. Beginning with Q4 2025, we expect revenue of $272 million to $277 million, which represents a 10% to 12% growth year-over-year. We expect adjusted EBITDA of $106 million to $111 million, a 40% adjusted EBITDA margin at the midpoint. For the full year 2025, we are raising the low end of our guidance range and maintaining the upper end for both revenue and adjusted EBITDA.

接下來我將介紹指導意見。從 2025 年第四季開始，我們預計營收將達到 2.72 億美元至 2.77 億美元，年增 10% 至 12%。我們預計調整後 EBITDA 為 1.06 億美元至 1.11 億美元，調整後 EBITDA 利潤率為 40%（取中間值）。對於 2025 年全年，我們將提高收入和調整後 EBITDA 的預期範圍下限，並維持上限不變。

We are now expecting revenue of $1.051 billion to $1.056 billion, which is a 12% year-over-year growth at both the midpoint at the high end of the range. For adjusted EBITDA, we're now expecting between $423 million to $428 million, a 40% adjusted EBITDA margin at the midpoint and a 41% margin at the high end of the range. This includes a moderate EBITDA loss from EvolutionIQ. Excluding EvolutionIQ, our guidance implies about 100 basis points of year-over-year margin expansion at the midpoint.

我們現在預計營收為 10.51 億美元至 10.56 億美元，無論以區間中點或上限計算，年成長均為 12%。對於調整後的 EBITDA，我們現在預計在 4.23 億美元至 4.28 億美元之間，調整後的 EBITDA 利潤率中位數為 40%，上限值為 41%。其中包括 EvolutionIQ 帶來的適度 EBITDA 虧損。剔除 EvolutionIQ 的影響，我們的預期意味著利潤率年增約 100 個基點（取中間值）。

So a couple of things to keep in mind as you think about our Q4 and full year guide. First, our Q4 revenue forecast for the core remains in line with our previous guidance. We are raising the low end of our full year revenue guidance range to reflect strong performance in Q3 and maintaining the upper end of the range because of a slightly softer contribution from EvolutionIQ. Overall, the pace and scale of new business wins, renewals, contract expansion across the core business and EvolutionIQ reinforces our confidence in our long-term growth as we head into 2026. Second, we are raising the low end of our full year adjusted EBITDA guidance to reflect Q3 outperformance while keeping the upper end unchanged as we expect to absorb Q4 cost tied to the organizational investments Githesh outlined, which include some onetime consulting recruiting fees as well as exit and onboarding costs.

因此，當您考慮我們的第四季度和全年業績指南時，請記住以下幾點。首先，我們對核心業務第四季的營收預測與我們先前的預期保持一致。我們將全年營收預期範圍的下限上調，以反映第三季的強勁表現；同時，由於 EvolutionIQ 的貢獻略有下降，我們將維持全年營收預期範圍的上限不變。整體而言，核心業務和 EvolutionIQ 的新業務拓展、續約和合約擴張的速度和規模，增強了我們對 2026 年長期成長的信心。其次，我們提高了全年調整後 EBITDA 預期下限，以反映第三季度業績超出預期，同時保持上限不變，因為我們預計將吸收與 Githesh 概述的組織投資相關的第四季度成本，其中包括一些一次性諮詢招聘費用以及離職和入職成本。

As a result, we do not expect these investments to impact margins going forward, and we remain on track to resume margin progression in 2026. So as we wrap up, I'd like to reiterate our confidence in the strength of our business and our ability to deliver against our long-term strategic priorities. Our Q3 results and positive momentum underscore our commitment to support our clients as they advance their digital transformation. We're encouraged by the growth of emerging solutions and the disciplined execution that is driving margin expansion and strong free cash flow. As we look ahead, we believe our durable business model, expanding portfolio of AI-enabled solutions and strategic investments, including continued investments in our core platforms and the teams that support them position us well to create long-term value for both our customers and our shareholders.

因此，我們預計這些投資不會對未來的利潤率產生影響，我們仍有望在 2026 年恢復利潤率成長。最後，我想重申我們對公司實力和實現長期策略重點能力的信心。第三季業績和積極動能凸顯了我們致力於支持客戶推動數位轉型的承諾。新興解決方案的成長以及推動利潤率擴張和強勁自由現金流的嚴謹執行令我們倍感鼓舞。展望未來，我們相信，我們可持續的商業模式、不斷擴大的人工智慧解決方案組合以及策略性投資（包括對核心平台及其支援團隊的持續投資），使我們能夠為客戶和股東創造長期價值。

Operator, we're now ready to take questions. Thank you.

接線員，我們現在可以開始回答問題了。謝謝。

Thank you. (Operator Instructions) Kirk Materne, Evercore ISI.

謝謝。（操作說明）Kirk Materne，Evercore ISI。

Congrats on a nice quarter. I guess, Githesh, one of the things that stood out was the customer you alluded to that has gone from 15% of his sort of business being touched by AI to 40%. Can you just talk, I guess, at a high level about what that means from a monetization perspective for you all? Meaning when we think about the kind of revenue contribution on an ACV basis from that client, is there sort of a linear scale for you all as sort of your AI solutions penetrate that client? And then, Brian, could you just clarify a little bit on the EvolutionIQ?

恭喜你本季業績出色。吉特什，我想，最引人注目的一點是你提到的那位客戶，他的業務中人工智慧的應用比例已經從 15% 成長到了 40%。能否請您簡單談談，從獲利的角度來看，這對你們意味著什麼？也就是說，當我們考慮到該客戶以 ACV 計算的營收貢獻時，隨著你們的 AI 解決方案滲透到該客戶群中，你們的營收貢獻是否呈現線性成長？那麼，布萊恩，你能稍微解釋一下 EvolutionIQ 嗎？

I think it was 4% contribution. I think you guys were looking at 5%. Can you just sort of -- it might have just been some little things, but could you just give us a little bit more color on that front?

我認為貢獻率為4%。我認為你們當時看的是5%。您能不能－可能只是一些小事，但您能不能在這方面多給我們詳細介紹一下？

Thanks, Kirk. The main theme here is that as we've expanded our vision AI we have expanded the use cases across a broader spectrum of the claims. So as the quality, the caliber of the vision AI to help guide and make decisions all the way from the consumer at the front end, helping decide whether the car should be repaired, totaled, using it for Estimate-STP, using it for Intelligent Reinspection. So there's a lot of different places in the workflow that the solution is now being applied in addition to subro. In terms of the specifics, in terms of the impact on financial, I'll let Brian pick that up.

謝謝你，柯克。這裡的主要主題是，隨著我們擴展視覺 AI，我們也擴展了其應用場景，使其涵蓋了更廣泛的索賠範圍。因此，視覺 AI 的品質和水平，從前端開始就能夠幫助消費者做出指導和決策，幫助決定汽車是否應該修理、報廢，用於估價-STP，用於智慧複檢。因此，除了子代理之外，該解決方案現在還應用於工作流程中的許多不同環節。至於具體細節，以及對財務的影響，就讓布萊恩來回答。

But we're super excited about the uptake and how we've been able to expand that core AI vision capability across many other facets of the claim.

但我們對這項技術的普及程度感到非常興奮，我們已經能夠將核心人工智慧視覺能力擴展到索賠的許多其他方面。

Yes. So if you think about AI and AI touching the claim, there is an incremental opportunity or an upcharge that we have. If you think about in our APD client set, if they take our core solutions, think about kind of estimating valuation workflow, and they're using those today. Now they're deploying -- if they deploy our AI layer that sits on the top of those, such as Estimate-STP that's on the top of our estimating solution or our reinspection, which sits with workflow, you could think about that client fully rolled out, could increase about 50% of their revenue across the APD solution set. So that's how to think about the sizing of the AI impact on our clients.

是的。所以，如果你考慮人工智慧以及人工智慧與索賠的關係，你會發現我們有一個增量機會或額外收費的機會。如果你想想我們 APD 的客戶群，如果他們採用我們的核心解決方案，想想估值工作流程，他們現在正在使用這些解決方案。現在他們正在部署——如果他們部署我們位於這些解決方案之上的 AI 層，例如位於我們估價解決方案之上的 Estimate-STP 或位於工作流程之上的複檢功能，您可以想像，如果客戶全面推出這些解決方案，他們在整個 APD 解決方案集中的收入可能會增加約 50%。這就是評估人工智慧對我們客戶的影響程度的方法。

Your second question on EvolutionIQ, I can take as well. So yes, you're right. We saw 4 points of contribution in the quarter. That will step up slightly in Q4. So we will see a larger contribution from EvolutionIQ.

關於 EvolutionIQ 的第二個問題，我也可以回答。是的，你說得對。本季我們看到了4個百分點的貢獻。第四季這一比例會略有上升。因此，我們將看到 EvolutionIQ 做出更大的貢獻。

It will look more like 5% of the overall growth in the fourth quarter. The slight slippage that we saw in Q4 really comes down to timing of deployments and when clients are going live. These are signed clients, but there's been some timing and delays when they're going live, and that has pushed the revenue out. It's not revenue leakage or revenue loss, it's really a timing point on the revenue.

預計第四季整體成長將占到5%左右。我們在第四季度看到的輕微下滑實際上歸因於部署時間以及客戶上線的時間。這些都是已簽約的客戶，但由於上線時間安排和延遲等原因，導致收入延遲到帳。這不是收入流失或收入損失，而只是收入到帳的一個時間點。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

A question Brian, I want to understand a little bit of your growth profile into next year in the context of some of the changes you're making. If I think through the commentary from this year, some of the things outside of your control have led you to be, call it, in that 7%, 8% lower half of the revenue target -- the long-term revenue target of 7% to 10%. So my question for you is, what are the scenarios where we can be closer to the high end versus the low end of that long-term target for next year? And the timing of the changes that you're making in the organization, why now? And do you think they can contribute to you being towards the higher end of the revenue growth target range for next year?

布萊恩，我想了解你明年的發展規劃，以及你正在進行的一些改變。如果我回顧今年的評論，一些你無法控制的事情導致你只能達到收入目標的下半部（例如 7% 到 8%）——長期收入目標為​​ 7% 到 10%。所以我的問題是，在哪些情況下，我們明年更有可能接近長期目標的上限，而不是下限？你們在組織內進行這些變革的時機，為什麼是現在？您認為他們能否幫助您實現明年營收成長目標範圍的較高水準？

Okay. Thanks, Gabriela. Let me take the last part of your question first. So if you look at -- when I look back at the last 20-plus years of how we've been doing this, we've always focused first on building out a high-quality set of solutions for essentially the next generation of the next wave. That was true when the Internet came along, that was true when mobile came along, that was true as we delivered new solutions.

好的。謝謝你，加布里埃拉。讓我先回答你問題的最後一部分。所以，回顧過去 20 多年我們做這件事的方式，我們始終先專注於為下一代、下一代浪潮建立一套高品質的解決方案。網路出現時是這樣，行動技術出現時是這樣，我們在推出新解決方案時也是如此。

And we have, as you know, invested substantially over the last four years, five years, in fact, much, much longer on a set of AI solutions. And those are now starting to scale.

如您所知，在過去的四年、五年，實際上更長的時間裡，我們對一系列人工智慧解決方案進行了大量投資。現在這些項目正開始擴大規模。

We talked about that in Q2, we talked about that in Q3, and one of the things that we have seen as we've started to deploy solutions, clients starting to adopt them is really two out of the three things that, as Tim and I have been going around talking to people, our customers are asking us for. Customers are saying, we want to use these tools to deliver a step function change, not a linear incremental change. And that also means we need you guys to help us with more because it requires process changes, change management on our end.

我們在第二季度討論過這個問題，在第三季度也討論過這個問題，隨著我們開始部署解決方案，客戶開始採用這些解決方案，我們發現，這實際上滿足了 Tim 和我四處與人們交談時，客戶向我們提出的三個要求中的兩個。客戶表示，我們希望使用這些工具來實現階躍式變化，而不是線性漸進式變化。這也意味著我們需要你們更多的幫助，因為這需要我們進行流程變更和變更管理。

And so that is actually one of the key reasons why we're making these changes now and now -- for two reasons, right? Tim now had significant opportunity to spend time in the business. And the feedback from clients is the breadth of the solutions have increased where clients are saying, we need you to do more and we need you to help us. And so therefore, we need to be working at higher levels in the organization because it affects so many other components of the organization. And that's why we are making the augmentation.

所以，這其實是我們現在做出這些改變的關鍵原因之一——原因有二，對吧？蒂姆現在有大量時間投入公司業務。客戶的回饋表明，解決方案的範圍已經擴大，客戶表示，我們需要你們做更多，我們需要你們幫助我們。因此，我們需要在組織中更高層級開展工作，因為它會影響組織的許多其他組成部分。這就是我們進行增強的原因。

And remember, this is an addition and augmentation of our core capabilities as opposed to any whole scale changes. Does that help with that part and then the answer --

請記住，這只是對我們核心能力的補充和增強，而不是任何整體規模的改變。這樣對解答那部分有幫助嗎？--

Yes, absolutely.

是的，絕對的。

And then the answer to the second part of your question about growth rate is, yes, this, as Brian pointed out, claim -- the drop in claim frequency has moderated -- starting to moderate. But most important for us, what really drives the growth is the adoption of really, if you think about it, our emerging solutions. We're continuing to build on the core insurance, adoption of emerging, as you followed us for a while, you've seen the breadth of the adoption in really two dimensions. One, clients expanding use of Estimate-STP, Intelligent Reinspection, a lot of our solutions. So that's one dimension.

至於你關於成長率的第二部分問題的答案是，是的，正如布萊恩指出的那樣，索賠頻率的下降已經放緩——開始放緩。但對我們來說最重要的是，真正推動成長的是我們新興解決方案的採用。我們正在繼續鞏固核心保險業務，並推廣新興保險。正如您關注我們一段時間以來所了解到的，新興保險的推廣應用實際上體現在兩個方面。第一，客戶正在擴大使用 Estimate-STP、智慧複檢以及我們的許多其他解決方案。這是其中一個維度。

And the second dimension is as our most sophisticated customers deploy these solutions and we see great references, adoption by more and more clients. So those are two dimensions for emerging solutions. And then for casualty, we've said that's a sizable opportunity. And as large as customers start to come on for casualty, we think that will help drive the growth. And then on EIQ, that as we go from 2025 into 2026, we see the core disability solution continuing to chug along well.

第二個方面是，隨著我們最成熟的客戶部署這些解決方案，我們看到了良好的口碑，越來越多的客戶開始採用這些解決方案。所以，以上是新興解決方案的兩個維度。至於傷亡方面，我們說過這是一個相當大的機會。我們認為，隨著大量客戶湧入傷殘保險領域，這將有助於推動成長。然後，就 EIQ 而言，從 2025 年到 2026 年，我們看到核心殘疾解決方案繼續穩步推進。

But one of the things we pointed out is one of our traditional CCC clients using the workers' comp solution. So that's a nice new -- a new -- brand-new product that can be rolled out to our existing customers. So at a very macro level, we're looking at growth from a whole series of these new solutions. That's really more we believe will start driving growth.

但我們指出的一點是，我們的一位傳統 CCC 客戶正在使用工傷賠償解決方案。所以這是一個很棒的新產品，可以推廣給我們現有的客戶。因此，從宏觀層面來看，我們正在透過一系列新的解決方案來實現成長。我們相信，這才是真正能夠推動成長的因素。

Dylan Becker, William Blair.

迪倫貝克爾，威廉布萊爾。

Appreciate it. Maybe, Githesh, starting with you on casualty, talking about it kind of continuing to grow faster than the aggregate business here. I'm wondering how much of the emphasis that you're seeing from customers on the casualty side is driven by like the market factors around inflation and the need for kind of tech modernization and data there versus or maybe pairing that with the maturation of your platform and the differentiation of being able to kind of pair all of the APD data that you have there. It feels like it's kind of a combination of both, but wonder if maybe one is helping accelerate the other, they're kind of working in tandem together, how you guys maybe think about it.

謝謝。吉特什，或許我們可以先從你談意外傷害保險開始，談談它如何繼續比這裡的綜合保險業務增長得更快。我想知道，您從客戶那裡看到的對意外傷害方面的重視程度，有多少是受通貨膨脹等市場因素以及對技術現代化和數據的需求所驅動的，又有多少是與您的平台成熟度以及能夠將所有 APD 數據進行匹配的差異化能力相結合所驅動的。感覺像是兩者的結合，但不知道是不是其中一種在加速另一種，它們有點像是在協同作用，你們是怎麼想的？

Thanks, Dylan. The way we think about it is really at two levels. So first and foremost, when you think about it at a macro level, medical inflation is really running very aggressively out of control. And there's a whole host of things happening with our clients when it comes to the medical, what's happening with medical inflation and its impact on the affordability of insurance for consumers. So that's one macro fundamental thing that's changing.

謝謝你，迪倫。我們思考這個問題的方式其實是從兩個層面進行的。首先，從宏觀層面來看，醫療通膨其實已經嚴重失控。我們的客戶在醫療方面面臨著許多問題，例如醫療通膨及其對消費者保險負擔能力的影響。所以，這是正在改變的一個宏觀基本面因素。

Second, and perhaps as important is that the investments we have made in our casualty platform over the last several years, similar to what we've been able to do on the auto physical damage side, where we have given customers tools, technologies and capabilities to be able to manage this, the maturity enhancements and honestly, some of the very uniquely differentiated features we have in casualty are also helping with adoption.

其次，或許同樣重要的是，過去幾年我們在意外險平台所做的投資，類似於我們在汽車物理損壞險方面所做的投資，我們為客戶提供了管理此類問題的工具、技術和能力，成熟度的提升，以及坦白說，我們在意外險方面的一些非常獨特的差異化功能，也有助於推廣應用。

Perfect. Okay. Great. And then maybe another way of kind of asking for Brian here, too. If we net out the EIQ contribution piece, it looks like the core accelerated again here kind of closer to 8%.

完美的。好的。偉大的。或許也可以用另一種方​​式來詢問布萊恩的狀況。如果扣除 EIQ 的貢獻部分，核心部分似乎又加速成長，接近 8%。

It's a function, it seems like of emerging stepping up as well, but you still maybe have the call option of claims volume normalization. I guess, is that first a fair characterization? And as you start to see more of these kind of like large customer multiproduct components and maybe some stuff that's already signed layering in next year, can you give us a sense of kind of the conviction of kind of that steady-state model here playing out as you guys had kind of laid it out or see it taking place, if that makes sense?

它似乎是一個正在崛起的功能，但你仍然可能有索賠量正常化的選項。我想，這樣的描述是否恰當？隨著您開始看到更多這類大型客戶多產品組件，以及一些已經簽約明年實施的項目，您能否讓我們感受到你們之前規劃或看到的這種穩定狀態模式的實現情況，如果我的意思表達清楚的話？

Yes, it makes sense. Thanks, Dylan. Yes, so you're right. I mean the last two quarters, if you pull out EvolutionIQ in both Q2 and Q3, we're doing about 8% in the core on an organic basis. And in that, as you alluded to, we're seeing about 1 point of headwind drag on claim volume.

是的，這很有道理。謝謝你，迪倫。是的，你說得對。我的意思是，如果把第二季和第三季的 EvolutionIQ 業務都剔除，那麼過去兩個季度，我們核心業務的有機成長率約為 8%。正如您所提到的，我們看到索賠量受到了約 1 個百分點的不利影響。

So that's running through the numbers as well. When you think about what we talked about last quarter on Q2 call and then the call today regarding some of the client wins, the expansion, the new casualty win, the adoption of emerging solutions, it certainly gives us confidence as we exit the year and the momentum in the business.

所以，這也是逐條分析數據。回想一下我們上個季度在第二季度電話會議上討論的內容，以及今天關於贏得一些客戶、業務擴張、新傷殘保險業務的贏得、新興解決方案的採用等話題，這無疑讓我們對年底的業務發展勢頭充滿信心。

So we're feeling good on the exit run rate coming out of the year and setting us up for 2026. That said, each year, we need to grow about $100 million of revenue. So although it gives us good momentum and feeling confident about delivering against the position, there's still more to do next year. But overall, there's a lot of positive momentum in the business.

因此，我們對今年的退出運行率感到滿意，並為 2026 年做好了準備。也就是說，我們每年需要增加約 1 億美元的收入。雖然這給了我們良好的勢頭，也讓我們對實現目標充滿信心，但明年還有更多的事情要做。但總體而言，該行業的發展勢頭良好。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

First, on the contribution from new logos, it seems to be tracking slightly better than some of the frameworks that you've laid out. Just hoping you could dig in a little bit there and talk about types of customers you're landing, the size of those lands. Any other context on new logo contribution?

首先，就新商標的貢獻而言，它似乎比你制定的一些框架追蹤得略好一些。只是希望您能深入探討一下，談談您正在吸引的客戶類型，以及這些客戶群的規模。關於新logo的貢獻還有其他背景資訊嗎？

Yes, I can take that. Hi, Josh. So yes, we're really happy and pleased with the new logo performance. We've been seeing about 3 points of growth from new logos over the past couple of years, and that's been very consistent. As you alluded to, over time, we do expect that to moderate.

是的，我可以接受。嗨，喬希。是的，我們對新標誌的表現非常滿意。過去幾年，我們看到新商標帶來的成長約為 3 個百分點，而且這一成長非常穩定。正如您所提到的，隨著時間的推移，我們預計這種情況會有所緩和。

And in our long-term framework, we expect that to be more like 2 points of growth just because of the market leadership position we have both on the carrier side of the business and the shop side of the business. But we're really happy with the performance that we've been seeing.

從長遠來看，我們預計成長幅度將達到 2 個百分點左右，這得益於我們在營運商業務和零售業務方面都佔據的市場領導地位。但我們對目前為止的表現非常滿意。

It remains to be distributed. It's a combination of repair facilities, part suppliers, and we are still bringing in new carriers. We talked about a carrier win earlier in the year that's contributing to the new logo as well. So yes, we're pleased with the performance and feeling good on how that's playing through.

仍待分發。它匯集了維修設施、零件供應商，而且我們也不斷引進新的承運商。我們之前也談到今年早些時候贏得的一家運營商的訂單，這也促成了新標誌的誕生。是的，我們對這個表現很滿意，也對它的實際效果感到高興。

Got it. And a follow-up on the claims headwind. I assume it's just rounding. I did want to check. Did the headwind get smaller following the lighter declines in claims? Or is there anything else going on there? And then if you could talk about any of the monthly trends from July through October.

知道了。還有關於索賠逆風的後續報告。我猜這只是四捨五入的結果。我確實想確認一下。隨著理賠數量下降幅度減小，不利因素是否也隨之減弱了？或者那裡還有其他事情發生嗎？然後，您能否談談7月至10月期間的任何一個月的趨勢？

Yes. I mean we're seeing -- I'll let Githesh reference the second part. But as far as the drag that we're seeing in growth, I mean, claims were down 9% in Q1. They were down 8% in Q2, and we saw about 1 point of headwind in the first half. In Q3, it's down 6%.

是的。我的意思是，我們看到——關於第二部分，我讓吉特什來解釋。但就我們看到的成長拖累而言，我的意思是，第一季的索賠數量下降了 9%。第二季他們下降了 8%，上半年我們看到了大約 1 個百分點的不利因素。第三季下降了6%。

We're still seeing roughly 1 point. There is some rounding in that. I'd also say and we've talked about this in the past that the claim decline isn't perfectly correlated with our revenue model. So it just doesn't work out mathematically -- it perfectly correlated. It matters on client mix, product mix and also timing of true-ups and whatnot. So there's kind of a lot of factors that play into it.

我們目前看到的點數仍然大約是 1 點。這其中存在一些四捨五入的誤差。我還要補充一點，我們過去也討論過這個問題，索賠下降與我們的收入模式並不完全相關。所以從數學角度來看，這根本行不通──它們之間明明是完全相關的。這會影響客戶組成、產品組成，以及結算時間等等。所以有很多因素會影響這一點。

I think you can say there's a slight benefit in rounding, but it's pretty marginal. And we're still facing kind of the 1% headwind. We're assuming that as we go into Q4 as well. Within the guide position, we are assuming a 1 point drag in Q4 as well. I don't know, Githesh, if there's anything you want to --

我認為四捨五入或許略有好處，但好處非常微乎其微。我們仍然面臨著大約1%的逆風。我們預計這種情況在第四季也會如此。在導向位置中，我們也假設 Q4 中有 1 點阻力。吉特什，我不知道你還有什麼想說的。--

No, I think this is also correlated to, I'd say, two macro things I'd point out. One is the cost of the increase in claim inflation, that's moderated significantly in 2025. So our numbers show, and you see that in our reports and crash course that claim inflation has moderated. And also the second thing we're noticing is that there are more filings for rate decreases by carriers than there are for rate increases. So we think from a consumer and affordability standpoint, those two other macro factors are starting to play in.

不，我認為這也與以下兩件宏觀因素有關，我想指出這兩件事。一是索賠通膨增加的成本，但到 2025 年，這項通膨將大幅放緩。因此，我們的數據表明，而且您也可以在我們的報告和速成課程中看到，通貨膨脹已經趨於緩和。其次，我們也注意到，保險公司申請降低費率的案例比申請提高費率的案例還要多。因此，我們認為從消費者和購買力角度來看，另外兩個宏觀因素開始發揮作用。

And -- but with that said, the other point we also look at is the number of consumer self-paid claims versus insurance filed claims. We still think the consumer self-paid claims are at significantly elevated levels compared to where they were two or three years ago.

但話雖如此，我們還要關注的另一點是消費者自費索賠的數量與保險公司提交的索賠的數量。我們仍然認為，與兩三年前相比，消費者自費索賠的水平明顯偏高。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

You have nice quarter.

你的地段不錯。

Thanks Saket.

謝謝薩凱特。

Hi, Saket.

你好，Saket。

Yes, sure. Githesh, great to see the Liberty Mutual win on the casualty side and just generally momentum build in that business. You talked about how the TAM there is similar in size to APD. I was curious though, maybe on the market share side, right? What does the market share look like in the casualty business?

當然可以。Githesh，很高興看到 Liberty Mutual 在意外險領域取得勝利，並且該業務的整體發展勢頭也越來越強勁。你提到那裡的 TAM 和 APD 的規模相似。不過我很好奇，也許是從市佔率的角度來看，對吧？意外傷害保險業務的市佔率如何？

And specifically, how much of that market is maybe done manually or through homegrown solutions versus maybe incumbent software vendors that you would have to displace? Even anecdotally, kind of how you think about that?

具體來說，這個市場中有多少部分可能是手動完成的或透過自研解決方案完成的，又有多少部分可能是由現有的軟體供應商完成的，而你需要取代這些供應商？即使只是根據一些軼事來看，你是怎麼看待這件事的？

Yes. So I would say at a very high level, I'd say the majority of claims processed today, even on the casualty side, are using some kind of software. So over the last couple of decades, that's the vast majority. I wouldn't put any specific percentage other than the vast majority. But there are still pockets where many elements are still done manually, and we're seeing that with a few customer adoptions. But for the most part, it's done using existing providers. You know --

是的。因此，從總體上看，我認為目前處理的大多數索賠，即使是意外傷害方面的索賠，都在使用某種軟體。所以在過去二十年裡，這佔了絕大多數。除了絕大多數之外，我不會給出具體的百分比。但仍有一些領域很多環節需要手動完成，我們在一些客戶採用新系統時也看到了這一點。但大多數情況下，都是利用現有供應商完成的。你知道--

Got it. That's helpful.

知道了。那很有幫助。

You know, as we've talked about this, we feel very good about the solutions we've been building, and it's been several years in the works.

你知道，正如我們之前討論過的，我們對我們一直在建立的解決方案感到非常滿意，而且這項工作已經進行了好幾年。

Understood. Brian, maybe for my follow-up for you. You talked about the net dollar retention and maybe how timing of deals there impacted a little bit. Can you just dig into that? Maybe that's on the EvolutionIQ side, but can you just dig into sort of that timing impact and either talk about sort of what NDR would have been this quarter adjusting for that timing or maybe on the other side, maybe talk about how that NDR could trend into Q4 when presumably that timing sort of corrects. Does that make sense?

明白了。布萊恩，或許我可以跟進一下。你談到了淨美元留存率，以及交易時機可能對此產生的影響。你能深入研究一下嗎？也許這是 EvolutionIQ 方面的問題，但您能否深入探討一下時間因素的影響，並談談如果考慮到時間因素，本季度的淨現值 (NDR) 會是多少，或者反過來，談談淨現值 (NDR) 在第四季度可能會如何變化，屆時時間因素應該會得到修正。這樣說得通嗎？

Yes, it does. Yes, happy to cover it, Saket. Yes, so we've talked about it in the past, and you see it run through the numbers. I mean, NDR will just move around quarter-to-quarter. It really has dependency on deal flow phasing, timing of deals that come home in the quarter, the deals you're lapping from the prior year. So there's just a dynamic of the deals that are playing through.

是的，確實如此。是的，我很樂意承擔這筆費用，Saket。是的，我們以前討論過這個問題，你看，數據也證明了這一點。我的意思是，NDR 會隨著季度波動而改變。這實際上取決於交易流程的階段性、季度內完成的交易的時間安排，以及你從前一年延續下來的交易。所以，這裡存在著一種交易動態。

The second part is product mix matters as well. So as you know, casualty solutions and our part solutions do not go into our NDR calculation, but they are in total growth. And casualty was very strong in the quarter, so it contributed to total growth, but that's not running through the NDR. So that's a factor as well. And then third, I'd highlight that EIQ was softer in the quarter in this quarter Q3 than it was in the prior two quarters.

第二點是產品組合也很重要。如您所知，意外事故解決方案和我們的零件解決方案不計入我們的 NDR 計算，但它們計入總增長。本季意外傷害事故非常嚴重，因此對總成長做出了貢獻，但這並沒有體現在 NDR 中。所以這也是一個因素。第三，我想強調的是，本季（第三季）的 EIQ 比前兩季要疲軟。

So that's playing through. And that really is on the implementation of their deals as well. So all those factors are playing through the NDR in the quarter.

所以，遊戲正在進行中。而這其實也取決於他們如何執行這些協議。因此，所有這些因素都會影響到本季的淨利潤率。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Githesh, I wanted to go back to some of the comments you had around reinvesting in certain areas of the business. I know you were sort of on a listening tour with your newly appointed President, and it sounds like customers sort of want to see higher-level solutions to the problems they have. And so I imagine part of tackling that is investing in the right heads on the go-to-market side. But I guess a couple of questions. Like how are you thinking about any changes on the product side?

Githesh，我想回到你之前關於對公司某些領域進行再投資的一些評論。我知道你和新上任的總裁一起進行了一次巡迴聽取意見的活動，聽起來客戶們希望看到更高層次的解決方案來解決他們遇到的問題。因此，我認為解決這個問題的一部分方法是在市場推廣方面投資合適的人才。但我還有幾個問題想問。您在產品方面有哪些改動的想法？

Does this sort of need -- is this just sort of a messaging and positioning thing from the go-to-market team? Or are there sort of product level changes you need to make to be able to sort of tackle these problems more holistically? And then, Brian, as you think about those investments, how are you sort of weighing that versus sort of the framework you have around expanding margins? Is this something that you feel like you can absorb by offsetting costs elsewhere? Just how you kind of think about that on the margin side heading into next year?

這種需求——這只是市場推廣團隊的一種訊息傳遞和定位策略嗎？或者，您需要在產品層面做出一些改變，才能更全面地解決這些問題？那麼，布萊恩，當你考慮這些投資時，你是如何權衡這些投資與你圍繞擴大利潤率而製定的框架之間的關係的呢？你覺得可以透過在其他方面抵銷成本來承擔這部分費用嗎？您如何看待明年利潤的考量？

Tyler, I'll take the second part of your question first, and then Brian will take the third, and I'll do the first part of your question. So to start with, let's talk about product. One of the things that we are seeing is that the solutions that we are building, deploying, and remember, we first came to market with our AI in November of 2021. And so we are now almost four years into -- after seven years of development, and we are seeing true differentiation for our customers.

泰勒，我先回答你問題的第二部分，然後布萊恩回答第三部分，最後我回答你問題的第一部分。首先，我們來談談產品。我們看到的其中一點是，我們正在建構、部署的解決方案，請記住，我們在 2021 年 11 月首次將我們的人工智慧推向市場。因此，經過七年的發展，我們現在已經走過了近四年，並且我們看到了為客戶帶來的真正差異化。

Our customers who deploy these solutions are getting better results, better operating performance than those that don't. And those results are actually validating for us that the core solutions that we've built are delivering results. And with the other part of what we also feel we need to do is with IX Cloud, as we continue to expand the ecosystem, merging really three things from a product standpoint, the deep workflows we are involved in, the use of very -- moving information to the right person at the right time for the right claim in the right location for the right customer, that is another layer.

部署這些解決方案的客戶比未部署這些解決方案的客戶獲得了更好的結果和更好的營運績效。這些結果實際上驗證了我們所建構的核心解決方案確實帶來了成果。而我們覺得還需要做的另一部分工作是使用 IX Cloud，隨著我們不斷擴展生態系統，從產品角度來看，真正融合了三件事：我們參與的深度工作流程，以及使用非常——在正確的時間將信息傳遞給正確的人，以處理正確的索賠，在正確的地點提供給正確的客戶，這是另一個層面。

And then third, as we integrate AI into really every facet of what we do, these are going to require continued development. And it's no different from when I look back five years, 10 years, et cetera. This is just a natural next step in our evolution. And this is one of the reasons we pointed out that we are also separating out the Chief Product Officer role from the Chief Technology Officer role because we think more dedication to those activities will be super helpful based on the client feedback.

第三，隨著我們將人工智慧融入我們工作的方方面面，這些都需要持續發展。這與我回顧五年前、十年前等等的情況並無不同。這只是我們進化過程中自然而然的下一步。這也是我們指出要將首席產品長和技術長的角色分開的原因之一，因為根據客戶的回饋，我們認為將更多精力投入這些活動會非常有幫助。

And then in terms of your first question in terms of go-to-market and what we're seeing is it just very simply comes down to our customers telling us, we need you to do more for us, and we need you to work in a broader scale across our companies, which is honestly very gratifying to hear and exciting to hear. And therefore, we're making the investments to really augment that side of the business. And then I'll turn it over to Brian for the margin question.

至於你的第一個問題，關於市場推廣，我們看到的情況很簡單，就是我們的客戶告訴我們，我們需要你們為我們做更多的事情，我們需要你們在我們的公司範圍內更廣泛地開展工作，聽到這些真的令人非常欣慰和興奮。因此，我們正在進行投資，以真正加強業務的這一方面。然後我會把這個問題交給布萊恩，讓他來回答利潤率的問題。

Yes, absolutely. Tyler, so the way to think about these changes that we're doing in go-to-market, think about them, they're strategically and operationally important, but they're not financially material. We are reallocating resources to higher ROI opportunities. And there are some onetime costs associated with the actions that I referenced. We're absorbing those costs into our Q4 position. So our guide didn't change for the year.

是的，絕對的。泰勒，所以，對於我們在市場推廣方面所做的這些改變，你應該這樣想：它們在策略和營運上都很重要，但在財務上並不重要。我們將資源重新分配到投資報酬率更高的機會。而且，我提到的這些行動還會產生一些一次性費用。我們將把這些成本計入第四季預算。所以我們今年的指南沒有改變。

But think about this reinvestment, it's not focused on cost reductions, but there are efficiencies which will offset some of the investments that we're making. So when you think about kind of coming out of Q4 and into next year, we are expected to deliver margin expansion next year, consistent with the margin progression that we talk about in our guidance framework. And so that's how you should think about kind of the impact as we roll out of this year into next year and how it will play through the margins.

但想想這項再投資，它並非著眼於降低成本，而是旨在提高效率，從而抵消我們正在進行的一些投資。因此，展望第四季末和明年，我們預計明年利潤率將有所成長，這與我們在我們的業績指引框架中提到的利潤率成長趨勢一致。所以，你應該這樣思考，當我們從今年過渡到明年時，這種影響會如何體現在各個方面。

Okay. And apologies for the three-part question. So I'll keep it to one follow-up here.

好的。對於這個分成三部分的問題，我深感抱歉。所以我在這裡只補充一點。

No problem whatsoever.

完全沒問題。

So Liberty Mutual, exciting announcement there. Just remind us like where are you at with other top 20 carriers? And do you think that kind of creates a referenceability halo effect? And apologies if that was two questions, but just related to that big customer.

Liberty Mutual發布了一項令人振奮的消息。請提醒我們一下，你們在其他排名前 20 名的營運商中排名如何？你認為這會產生某種程度的參考價值光環效應嗎？如果問了兩個問題，我深表歉意，但這些問題都與那位大客戶有關。

Yes. Look, we don't comment on -- we generally, by and large, don't comment on any specific customers or deals. And so this was a bit of an exception for us. I would say, even when you think about the Liberty Mutual decision, references did play a huge role in even their decision. And obviously, this helps us for sure.

是的。你看，我們一般不會對任何特定的客戶或交易發表評論。所以這對我們來說算是個例外。我認為，即使以 Liberty Mutual 的判決為例，推薦信也確實在他們的判決中發揮了巨大作用。顯然，這肯定對我們有幫助。

They've been a wonderful partner, just like many other wonderful partners we have. And the only point is every -- this is why we focus on high-quality, high-caliber implementations. It also feels great. It's a validation of the tremendous investments we've made in casualty that is most importantly being recognized by our customers.

他們一直是很棒的合作夥伴，就像我們其他許多很棒的合作夥伴一樣。唯一的重點是——這就是為什麼我們專注於高品質、高水準的實現。感覺也很棒。這證明了我們在意外險領域投入的巨額資金得到了認可，而最重要的是，我們的客戶也認可了這些資金。

(Operator Instructions) Samad Samana, Jefferies.

（操作說明）Samad Samana，傑富瑞。

This is Jeremy on for Samad Samana. It's good to see the decline in auto claims volumes moderating a bit. I guess, is there a cyclicality element to the medical insurance claims as well? I know you called out that medical insurance is experiencing a very high inflation right now. I guess where are we in that cycle? Is there maybe upside to the volume you're seeing in medical that might align with the recovery in auto down the line?

這裡是傑里米，替薩馬德·薩馬納為您報道。很高興看到汽車索賠數量的下降趨勢有所放緩。我想，醫療保險理賠也有週期性因素嗎？我知道你曾指出，目前醫療保險的通膨率非常高。我想我們現在處於這個週期的哪個階段？您看到的醫療產業交易量成長是否可能預示著未來汽車產業的復甦？

Yes. I would say the pattern, to keep it very short, there is less of a pattern in medical than it has been in auto physical damage. The reason is medical claims tend to be much higher dollar claims. And therefore, people -- when those claims happen, people do file the claims, whereas for auto physical damage because of higher deductibles and people's propensity to pay for the claims out of pocket is a lot higher for auto physical damage than it is for casualty.

是的。簡而言之，我認為醫療事故的模式不如汽車物理損壞事故那麼規律。原因是醫療索賠的金額往往要高得多。因此，當發生這些索賠時，人們確實會提出索賠，而對於汽車物理損壞，由於免賠額較高，人們更傾向於自掏腰包支付索賠，因此汽車物理損壞的索賠率遠高於人身傷害索賠。

Got it. That makes sense. And on gross margins, it came in a little lower than we expected. I know you gave a few factors. I guess, can you help us size the impacts from some of the more structural impacts like higher depreciation?

知道了。這很有道理。毛利率方面，略低於我們的預期。我知道你列舉了一些因素。我想，您能否幫助我們評估一下諸如折舊增加等一些結構性因素的影響？

I know you called out some software enhancements versus that write-off on a discontinued solution. And then maybe what is that discontinued solution as well?

我知道你提到了一些軟體改進措施，而不是對一個已停產的解決方案進行報廢。那麼，那個已經停用的解決方案又是什麼呢？

Yes. Happy to cover it. Yes. So 75% in the quarter, which is slightly down from where we've been trending. We talked about kind of three things that are driving.

是的。我樂意承擔這部分費用。是的。所以本季佔比為 75%，略低於我們先前的趨勢水準。我們討論了三個主要的驅動因素。

The largest one that's driving it is the higher depreciation associated with putting new solutions or enhancements of solutions into the market. Once we go live with those solutions, we then start to run the depreciation through and that hit gross profit. That was by far the largest impact in the gross profit. There's also product mix. Casualty has a higher cost of revenue component than some of our APD solutions. Casualty was strong in the quarter, so that had an impact.

造成這種情況的最大原因是，將新解決方案或解決方案的改進版本推向市場會帶來更高的折舊。一旦這些解決方案上線，我們就會開始提列折舊，這會影響毛利。這是對毛利影響最大的因素。還有產品組合的問題。與我們的某些APD解決方案相比，意外傷害保險的收入成本佔比更高。本季傷亡事故較多，因此產生了一定影響。

And then we did have revenue -- or I'm sorry, depreciation acceleration when we took a solution out of the market. The size of that was about $2 million overall. And it wasn't a material solution, we just sunsetted a product as part of our regular assessment across our portfolio. So that's how to think about the size of the solution that we took out of the market.

然後，當我們把某個解決方案從市場上撤下時，我們就出現了收入——或者更準確地說，是折舊加速。總金額約200萬美元。這並不是一個實質的解決方案，我們只是按照常規評估流程，停止銷售了某個產品。所以，這就是我們看待從市場上撤下的解決方案規模的方式。

Gary Prestopino, Barrington.

加里·普雷斯托皮諾，巴靈頓。

Two-part question here or two just separate questions. But could you maybe give us some idea of on the transactional revenue side, what was the absolute decline in those revenues versus the decline in claims volumes or even if they did decline?

這裡的問題分為兩個部分，或者說是兩個獨立的問題。但您能否就交易收入方面給我們一些信息，例如這些收入的絕對下降幅度與索賠量的下降幅度相比如何，或者它們是否真的下降了？

Yes, Gary, it's Brian. I mean the way to think about it, remember, our business is largely subscription-based. So 80% plus of our revenue is subscription, not tied to transactional. Of the 20% transactional, the decline in claims had about 1 point of impact on the growth in the quarter. That is similar to the impact -- roughly similar to the impact that we saw through the first half.

是的，加里，我是布萊恩。我的意思是，你要明白，我們的業務很大程度上是基於訂閱的。因此，我們80%以上的收入來自訂閱，與交易無關。在 20% 的交易額中，索賠金額的下降對本季的成長產生了約 1 個百分點的影響。這與上半年所看到的影響類似——大致相似。

So we are seeing a 1 point headwind through the year. As I mentioned earlier, we are also assuming that headwind stays for Q4, and that's baked into our guide position. So our transactional revenue overall has that 1 point of impact across the total company.

因此，我們預計全年將面臨 1 個百分點的不利影響。正如我之前提到的，我們也假設第四季逆風會持續，這一點已經反映在我們的業績指引中。因此，我們的交易收入對整個公司產生了1點影響。

Yes. I guess what I'm getting at, though, is a concern about the impact of claims declining, and it's definitely affected your stock price. And what I'm trying to get at is, despite these claims declining, are your sales on the transactional side declining at a lesser rate? I mean if it's 1 point, and it's 20% of revenue, then I would kind of do the pencil on paper and it would be maybe a 5% decline in revenue. That's what I'm trying to get at.

是的。不過，我想表達的是，我擔心索賠數量下降的影響，而這無疑已經影響了你們的股價。我想問的是，儘管這些索賠有所下降，但你們的交易額下降速度是否較慢？我的意思是，如果是 1 個百分點，佔收入的 20%，那麼我就會用鉛筆在紙上算一下，收入可能會下降 5%。這就是我想表達的意思。

Yes. Gary, we've grown on an overall basis. On an absolute basis, we've actually grown. So I'm not sure we understand the specifics of your question.

是的。加里，我們整體都發展壯大了。從絕對意義上講，我們確實成長了。所以我不確定我們是否完全理解您的問題。

Yes. May I -- let me -- Gary, let me cover it. I mean your math is out of the 20%, we are -- there's an impact on claims volume within that, which is down in the quarter, it was down 6%. So when you just take 6% on 20%, that's roughly what you're getting at, which is just about 1 point. So that is the right math.

是的。我可以——讓我——加里，讓我來處理這件事。我的意思是，你們的計算結果超出了 20%，而我們——這其中對索賠量產生了影響，本季度索賠量下降了 6%。所以，如果你從 20% 減去 6%，那大概就是你得到的結果，也就是大約 1 個百分點。所以，這才是正確的計算結果。

What we're saying is we are absorbing that. But as we continue to grow adoption of new solutions, the scaling of emerging solutions, the new logo, we're clearly offsetting that. It's certainly playing through the overall position. Our 8%, you could say, would have been 9% if we didn't have that claim volume. But that's how to think about the impact on the claim volume decline running through our transactional side of the business.

我們想說的是，我們正在吸收這些資訊。但隨著我們不斷擴大新解決方案的採用率、新興解決方案的規模化以及新標誌的啟用，我們顯然正在抵消這些影響。這無疑會影響到整體情況。可以說，如果沒有那部分索賠量，我們的 8% 的比率本來可以達到 9%。但這就是我們應該如何看待索賠量下降對我們業務交易的影響。

Okay. And then I'll just sneak one more quick one here. In terms of the casualty business, is your competition more or less companies that have a single point solution in casualty, but nothing in APD? I guess is there anybody out there like you that can sell both APD and casualty claims processing?

好的。然後我再偷偷地快速補充一個。就意外險業務而言，您的競爭對手是那些在意外險領域提供單一解決方案，但在人身意外險領域卻沒有任何業務的公司，還是更多？我想問，有沒有像你這樣既能銷售APD產品又能處理意外傷害索賠的人？

Gary, as you know, we generally stay away from commenting about casualty, much rather speak about what we do. But by and large, there's a mix. There's a mix. There are -- it's a mix of providers. It's a competitive market, and we need to -- that's why we need to invest and keep staying ahead with our solutions.

加里，正如你所知，我們通常避免評論傷亡情況，更願意談論我們所做的事情。但總的來說，兩者兼具。情況比較複雜。有的——是由多家供應商組成的。這是一個競爭激烈的市場，我們需要不斷投資，並持續改進我們的解決方案，以保持領先地位。

Thank you. I'm showing no further questions at this time. So I would like to turn it back to Githesh Ramamurthy for final remarks.

謝謝。我目前沒有其他問題要問。所以，我想把發言權交還給吉特什·拉瑪穆爾蒂，讓他做最後的總結發言。

Thank you all for joining us today. And on behalf of the entire CCC team, I want to express our sincere appreciation for your continued investment, interest and support. We're also pleased with the third quarter performance and remain confident in our ability to deliver on our strategic and financial objectives. And as we look ahead, we remain focused on scaling innovation, deepening client partnerships and delivering differentiated value across the economy. But most importantly, we're proud to help people get back on track when the unexpected happens, helping life move forward.

感謝各位今天蒞臨。我謹代表CCC全體團隊，對您持續的投資、關注和支持表示衷心的感謝。我們對第三季的業績感到滿意，並對我們實現策略和財務目標的能力充滿信心。展望未來，我們將繼續專注於擴大創新規模、深化客戶合作關係，並在整個經濟領域創造差異化價值。但最重要的是，我們很自豪能夠幫助人們在遭遇意外時重回正軌，並幫助生活繼續向前發展。

I'd like to take a moment to thank our customers for their trust, our team members for their dedication and our shareholders for their continued support. We're excited about the opportunities ahead and look forward to updating you on our next quarterly call. Thanks, everybody.

我想藉此機會感謝客戶的信任，感謝團隊成員的奉獻，感謝股東們的持續支持。我們對未來的機會感到興奮，並期待在下次季度電話會議上向您報告最新情況。謝謝大家。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。

Thank you.

謝謝。