CCC Intelligent Solutions Holdings Inc. (CCC) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CCC Intelligent Solutions first-quarter fiscal 2026 earnings call. (Operator Instructions) Please be advised today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 CCC Intelligent Solutions 2026 會計年度第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的發言人——投資人關係副總裁 Bill Warmington。請開始。

Thank you, operator. Good morning, and thank you all for joining us today to review CCC's first-quarter 2026 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; Brian Herb, CCC's CFO; and Tim Welsh, CCC's President. The forward-looking statements that 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 2025 annual report on Form 10-K filed with the SEC.

謝謝，接線員。各位早安，感謝大家今天加入我們，一同回顧 CCC 2026 年第一季財務結果；我們已於今天稍早發布的新聞稿中對外公布。與我一同參與本次電話會議的有：CCC 董事長暨執行長 Githesh Ramamurthy、財務長 Brian Herb，以及總裁 Tim Welsh。我們今天就公司業績與計畫所作的前瞻性陳述，可能受到各項風險與不確定性影響，致使實際結果及公司計畫的執行與所述內容出現重大差異。這些風險已在我們投資人關係網站上的財報新聞稿，以及我們向美國證券交易委員會（SEC）提交的 2025 年度 Form 10-K 年報中「風險因素」章節加以說明。

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，CCC Intelligence Solutions Holdings, Inc. 對今天的評論以及隨後的問答內容享有著作權。未經 CCC 事先同意，任何以營利或其他目的對上述內容進行錄音、轉播、重製或其他使用，均被禁止，並可能違反美國著作權法及其他法律。另外，雖然我們將提供本次電話會議部分內容的逐字稿，且我們已同意第三方發布本次電話會議的逐字稿，但對逐字稿中可能出現的不準確之處，我們不承擔任何責任。

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

請注意，今天的討論包含美國證券交易委員會（SEC）所定義的某些非 GAAP 財務衡量指標。公司認為，這些非 GAAP 財務衡量指標能為管理層與投資人提供有用資訊，以了解與公司財務狀況及營運成果相關的某些財務與業務趨勢。

A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website. Thank you.

GAAP 與非 GAAP 指標之間的調節表，已載於我們的財報新聞稿中，並可於投資人關係網站取得。謝謝。

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

接下來我把電話會議交給 Githesh。

Thank you, Bill, and thanks to all of you for joining us today. We had a strong start to 2026 driven by continued customer demand and adoption. The first-quarter total revenue grew 12% to $281 million, above the high end of our guidance. Adjusted EBITDA was $120 million, also above the high end of our guidance and adjusted EBITDA margin expanded approximately 300 basis points year over year to 43%. We are now more than a year past the acquisition of EvolutionIQ, and we continue to see strong momentum across the combined business.

謝謝你，Bill，也感謝各位今天加入我們。在客戶需求持續強勁與採用率提升的帶動下，我們在 2026 年有一個強勁的開局。第一季總營收成長 12% 至 2.81 億美元，高於我們財測區間的上緣。調整後 EBITDA 為 1.20 億美元，同樣高於財測上緣；調整後 EBITDA 利潤率年增約 300 個基點至 43%。距離我們收購 EvolutionIQ 已超過一年，我們持續看到合併後業務的強勁動能。

Today, I want to focus on three themes that frame both our near-term momentum and our long-term opportunity. First, why CCC is positioned to thrive in an AI-driven world; second, how the positioning is translating into strong tangible revenue momentum with several of the biggest companies in the world increasing their commitments to both our core and AI solutions; and third, while solving the problems caused by rising complexity for our customers, in the insurance economy is a durable long-term growth driver for CCC.

今天我想聚焦三個主題，這些主題同時勾勒出我們的短期動能與長期機會。第一，為何 CCC 在 AI 驅動的世界中具備蓬勃發展的有利位置；第二，這樣的定位如何轉化為具體且強勁的營收動能——全球數家最大型企業正提高對我們核心解決方案與 AI 解決方案的投入承諾；第三，在保險經濟體中，協助客戶解決因複雜度上升所帶來的問題，是 CCC 長期且可持續的成長驅動力。

Let me start with why CCC's position to thrive in an AI-driven world, we can do this by first understanding the work our customers need to get done. The insurance economy spends many thousands of companies conducting hundreds of billions of dollars in commerce across tens of millions of unique claim events every year. They operate in a complex, highly regulated industry, and may interact with dozens of other companies for any given claim.

先從為何 CCC 具備在 AI 驅動世界中蓬勃發展的有利位置談起；我們可以先理解客戶需要完成哪些工作。保險經濟體涵蓋數以千計的公司，每年在數千萬起獨特的理賠事件中，進行數千億美元規模的商業往來。他們身處一個複雜且高度監管的產業，且在任何一件理賠案件中，可能需要與數十家其他公司互動。

And the work they need CCC to help them get done are the things that directly drive the operating performance of their business. Take auto insurers, for example, who, on average, pay out about 75% of their revenues on claims. They use the decision engines built into our solutions uniquely configured for their specific needs to help them pay what they owe.

而他們需要 CCC 協助完成的工作，正是那些直接驅動其業務營運績效的事項。以汽車保險公司為例，他們平均約將 75% 的營收用於理賠支出。他們使用我們解決方案中內建、並依其特定需求進行獨特配置的決策引擎，協助他們支付其應付的金額。

They use the CCC network to activate the tens of thousands of companies they need to integrate with to get consumers back to their lives and they use the CCC platform to manage that work end to end. And in fact, they rely on CCC to manage the most complex mission-critical and consequential work they do.

他們使用 CCC 網路來啟動並串接其所需整合的數以萬計公司，讓消費者能回到正常生活；同時也使用 CCC 平台端到端地管理這些工作。事實上，他們仰賴 CCC 來管理其所執行的最複雜、最關鍵、且影響最重大的任務。

This is true not only across our auto insurance customers, but also each of the more than 35,000 businesses we work with. That translates to CCC's economic model. We price our products on the measurable value we provide typically on a 5:1 ROI basis. We have cumulatively invested billions of dollars in our platform and have deep industry-leading functionality. But customers buy our technology because of the real-world outcomes they're able to achieve only by using our solutions to impact the hundreds of billions of dollars we help them process annually.

這不僅適用於我們的汽車保險客戶，也適用於我們合作的超過 35,000 家企業。這也反映在 CCC 的經濟模式上。我們通常以可衡量的價值為基礎為產品定價，一般以 5:1 的投資報酬率（ROI）為基準。我們累計已在平台上投入數十億美元，並具備深厚、業界領先的功能。但客戶購買我們的技術，是因為他們能透過使用我們的解決方案，影響我們每年協助其處理的數千億美元規模流程，並因此達成只有在真實世界中才能驗證的成果。

CCC's data is unique in its combination of scale, depth, and recency. We have over $2 trillion of historical data that simply does not exist anywhere else. The data is broad, deep, and continuously updated in real time, allowing us to provide benchmarks customers use to assess their operations and to provide hyper-local up to the minute inputs that inform hundreds of billions of dollars in individual payouts and repairs.

CCC 的資料在規模、深度與即時性（新近性）的結合上具有獨特性。我們擁有超過 2 兆美元的歷史資料，這些資料在其他任何地方都不存在。這些資料覆蓋面廣、層次深，並以即時方式持續更新，使我們能提供客戶用來評估其營運的基準，同時提供超在地、分秒更新的輸入資訊，為數千億美元的單筆賠付與維修決策提供依據。

We also take special pride in the trust our customers placing us as partners in their business. Our role connecting the ecosystem has been built on decades of consistent, high-quality execution where each participant can feel confident in being able to deliver the best outcome for them and the consumer.

我們也特別以客戶將我們視為其業務夥伴所賦予的信任為榮。我們連結生態系的角色，建立在數十年來一致且高品質的執行之上，使每位參與者都能有信心為自身與消費者交付最佳結果。

Importantly, the outputs generated using our solutions are already accepted and embedded in the core operations of their trading partners. It is, therefore, no surprise that customers are increasingly looking to accelerate their AI ambitions by leveraging the CCC Intelligent Experience Cloud. Our AI solutions have been the fastest-growing part of our portfolio for some time with the scale that has few equals in vertical software. In Q1, our AI-based solutions drove approximately one-third of our overall year-over-year growth, growing at roughly 3.5 times the total company growth rate. AI solutions are now approximately 10% of revenue or about $120 million in run rate.

重要的是，透過我們解決方案所產生的輸出，已被其交易夥伴所接受，並嵌入其核心營運之中。因此，客戶愈來愈希望透過 CCC Intelligent Experience Cloud 來加速其 AI 企圖心，也就不足為奇。一段時間以來，我們的 AI 解決方案一直是產品組合中成長最快的部分，其規模在垂直軟體領域中少有匹敵。在第一季，我們的 AI 解決方案約貢獻了整體年增成長的三分之一，其成長速度約為公司整體成長率的 3.5 倍。AI 解決方案目前約占營收的 10%，或約 1.20 億美元的年化經常性收入（run rate）。

These solutions are entirely incremental to our core products with discrete value propositions and ROI that customers validate through intense piloting and testing, demonstrating both the durability of our core solutions and the rapid adoption of our AI tools.

這些解決方案相對於我們的核心產品完全屬於增量，具備明確的價值主張與 ROI；客戶會透過密集的試點與測試加以驗證，這同時展現了我們核心解決方案的持久性，以及 AI 工具的快速採用。

While we are tremendously excited about the growth in our AI products, the benefits of marrying AI with deterministic software are becoming increasingly evident to customers. It's not an either/or. It is an end. Governance and trust, our bedrock principles in our industry and the efficiency of the CCC platform is particularly well suited to helping customers manage AI at scale.

雖然我們對 AI 產品的成長感到非常振奮，但將 AI 與確定性（deterministic）軟體結合所帶來的效益，正愈來愈明顯地被客戶看見。這不是二選一。而是兩者兼具。治理與信任是我們產業的基石原則，而 CCC 平台的效率特別適合協助客戶在規模化情境下管理 AI。

Our systems efficiently process almost 6 billion transactions per day, giving customers a battle-tested platform that flexibly handles volume spikes and constant adjustments to their operating rules. To summarize our first theme, CCC is positioned to thrive in an AI-driven world because we combine unique, real-time data, embedded workflows and a trusted scale platform that allows customers to deploy AI safely, govern it effectively and realize measurable economic value.

我們的系統每天可高效率處理近 60 億筆交易，為客戶提供一個久經考驗的平台，能彈性因應交易量尖峰，以及其營運規則的持續調整。總結第一個主題：CCC 之所以能在 AI 驅動的世界中蓬勃發展，是因為我們結合了獨特的即時資料、已嵌入的工作流程，以及值得信賴且具規模的平台，使客戶能安全部署 AI、有效治理 AI，並實現可衡量的經濟價值。

My second theme is the strong tangible revenue momentum across the business as several of the biggest companies in the world increased their commitments to both our traditional and AI products. CCC's customer base includes 27 of the top 30 auto insurers in the US by 2024 direct written premium as well as multibillion-dollar repair facility chains.

我的第二個主題是，全公司層面強勁且可量化的營收動能，因為全球數家最大型企業提高了對我們傳統產品與 AI 產品的投入承諾。CCC 的客戶群包括按 2024 年直接簽單保費（Direct Written Premium）計算的美國前 30 大汽車保險公司中的 27 家，以及多十億美元規模的維修廠連鎖集團。

These are some of the largest and most discerning companies in the world with incredible access to leading-edge technology capabilities. We are thrilled that one of the top five auto insurers in the US by Direct Written Premium renewed and extended its partnership with CCC through a new multiyear enterprise agreement. This agreement covers our entire auto physical damage suite as well as our entire portfolio of AI solutions related to auto physical damage following an extensive two-year test of those capabilities.

這些是全球規模最大、要求最嚴苛的公司之一，並且能夠接觸到最前沿的技術能力。我們非常高興，美國按直接簽單保費計算的前五大汽車保險公司之一，透過一份新的多年期企業級協議，續約並延長了與 CCC 的合作夥伴關係。在對相關能力進行長達兩年的廣泛測試後，該協議涵蓋我們完整的汽車車體損失（auto physical damage）產品套件，以及與汽車車體損失相關的全套 AI 解決方案組合。

The insurer consolidated its APD business on to CCC several years ago, and this new agreement, both renews the core software relationship and adds the full AI layer, resulting in a meaningful step-up in the value of the partnership.

該保險公司數年前已將其 APD 業務整合至 CCC 平台，而這份新協議不僅續約核心軟體合作關係，亦加入完整的 AI 層，讓合作夥伴關係的價值實現顯著提升。

Our largest and most sophisticated customers are also deepening their commitment to the CCC platform by expanding the scope of their relationship into casualty. Casualty remains one of the largest growth opportunities for CCC. Our acquisition of EvolutionIQ expanded our capabilities in this area through the creation of Medhub for auto casualty and AI documents insight solution now embedded within the CCC platform. Medhub adds meaningful new functionality that is helping customers manage complex casualty workflows and is helping to advance our pipeline.

我們最大且最成熟的客戶也正透過將合作範圍擴展至傷亡險（casualty），加深其對 CCC 平台的承諾。傷亡險仍是 CCC 最大的成長機會之一。我們收購 EvolutionIQ，透過打造用於汽車傷亡險的 Medhub，以及現已嵌入 CCC 平台的 AI 文件洞察解決方案，擴充了我們在此領域的能力。Medhub 新增了具實質意義的新功能，協助客戶管理複雜的傷亡險工作流程，並推動我們的商機管線向前發展。

Last quarter, we announced that Liberty Mutual, the sixth largest auto insurer in the United States and one of the largest P&C insurers globally selected us. They have since begun deploying a significant portion of their casualty business on the CCC platform.

上季我們宣布，美國第六大汽車保險公司、亦為全球最大財產與意外險（P&C）保險公司之一的 Liberty Mutual 選擇了我們。此後，他們已開始將其相當大一部分的傷亡險業務部署在 CCC 平台上。

In April, we signed a multiyear agreement with Allstate for their third-party casualty business. All of these wins are validation of large customers increasingly recognizing that CCC's platform and comprehensive suite of solutions represent their best path to embracing an AI-driven future. This dynamic is playing out across our entire business, including on the repair facility side. Adoption of our core and AI solutions in the market continues to grow with more than 6,500 repair facilities now using our AI estimating capability.

4 月，我們與 Allstate 就其第三方傷亡險業務簽署了一份多年期協議。所有這些勝利都驗證了大型客戶日益認知到：CCC 的平台與完整解決方案套件，是他們邁向 AI 驅動未來的最佳途徑。這股動態正在我們整體業務中展開，包括維修廠端。市場對我們核心與 AI 解決方案的採用持續成長，目前已有超過 6,500 家維修廠使用我們的 AI 估價能力。

At our industry conference next month, we plan to introduce even more exciting innovations for the repair facilities. In summary, we are seeing this differentiated positioning translate into tangible revenue momentum as some of the largest insurers and repair organizations in the world, deepen and expand their relationships with CCC across both our core software and AI solutions.

在下個月的產業大會上，我們計畫為維修廠推出更多令人振奮的創新。總結而言，我們看到這種差異化定位正轉化為可量化的營收動能，因為全球一些最大的保險公司與維修組織，正在我們核心軟體與 AI 解決方案兩方面加深並擴大與 CCC 的合作關係。

My third theme is how solving for rising complexity is expanding CCC's value proposition and driving long-term growth. The most important structural trend in the insurance economy is rising complexity. Vehicles are most sophisticated, medical and casualty claims are more involved.

我的第三個主題是，解決日益上升的複雜性如何擴大 CCC 的價值主張並推動長期成長。保險經濟中最重要的結構性趨勢是複雜性上升。車輛愈發精密，醫療與傷亡險理賠也更為繁複。

Regulatory requirements continue to increase. Every claim requires more decisions, more coordination and more judgment all the time. We see advancing vehicle technology as a significant tailwind for CCC over time with many new product possibilities on the horizon. The multi-decade trend in advancing vehicle safety technology has shown a repeated pattern of frequency reductions being more than offset by increases in severity to fix these systems when they're damaged. That causes claim dollars and complexity to rise, which grows the industry and creates additional growth opportunities for CCC.

監管要求持續增加。每一件理賠都需要更多決策、更多協調，以及更多判斷。我們認為車輛技術的進步將在長期為 CCC 帶來顯著順風，且未來仍有許多新產品的可能性。數十年來車輛安全技術持續進步的趨勢顯示出一再重複的模式：出險頻率的下降，往往被這些系統受損後修復成本嚴重度的上升所抵銷。這使得理賠金額與複雜性上升，推動產業成長，並為 CCC 創造額外的成長機會。

Over the past decade, personal auto claim counts declined by less than 1% annually while average dollars per claim grew approximately 6% per year, driving about 5% annual growth in total claims dollars paid. We believe that going forward, claims cost growth is going to outpace claim frequency moderation, and our insurance customers will be managing an increasing level of total claims spent.

過去十年，個人汽車理賠件數每年下降不到 1%，但每件理賠的平均金額約以每年 6% 成長，帶動理賠總支付金額約每年成長 5%。我們相信，展望未來，理賠成本的成長將超過理賠頻率放緩的幅度，而我們的保險客戶將管理日益增加的理賠總支出水準。

That means our software and AI capabilities remain mission-critical as customers manage growing claim complexity and spend over time. The rising complexity inherent in our industry, combined with the growing appetite across our customer base to adopt both our core and AI solutions, gives us confidence in our long-term growth outlook.

這意味著，當客戶隨時間管理不斷增加的理賠複雜性與支出時，我們的軟體與 AI 能力仍將是關鍵任務（mission-critical）。產業內在的複雜性上升，加上我們客戶群對採用核心與 AI 解決方案的意願日益提高，使我們對長期成長展望充滿信心。

Stepping back, the common trend across all three themes is rising complexity. As claims become more complex, and customer appetite for AI increases, CCC's platform data and workflows become even more essential giving us confidence in our long-term growth opportunity. To help us navigate towards that future, we have added another experienced technology leader to our Board of Directors, John Schweitzer. John brings more than three decades of leadership experience across enterprise technology and global go-to-market organizations, including senior roles at Salesforce, Informatica, SAP, and Oracle.

退一步看，三個主題的共同趨勢都是複雜性上升。隨著理賠變得更複雜、客戶對 AI 的需求增加，CCC 平台的資料與工作流程變得更加不可或缺，讓我們對長期成長機會更具信心。為了協助我們邁向那樣的未來，我們在董事會新增了一位資深科技領袖 John Schweitzer。John 在企業科技與全球市場推進（go-to-market）組織方面擁有超過三十年的領導經驗，曾在 Salesforce、Informatica、SAP 與 Oracle 擔任高階職務。

With the addition of John, Neil de Crescenzo and Barak Eilam over the last 18 months, we have deliberately strengthened our Board to support platform strength, AI innovation, and durable value creation while preserving neutrality across the ecosystem we serve. We are pleased with our strong start to the year and continue to be incredibly excited by our near-term momentum and the long-term opportunity in front of us.

在過去 18 個月加入 John、Neil de Crescenzo 與 Barak Eilam 之後，我們有意識地強化董事會，以支持平台實力、AI 創新與可持續的價值創造，同時維持我們所服務生態系的中立性。我們對今年強勁的開局感到滿意，並持續對眼前的短期動能與長期機會感到無比振奮。

With that, I'll turn the call over to Brian, who will walk you through our results in more detail.

接下來，我將把電話會議交給 Brian，他會更詳細地帶大家了解我們的業績表現。

Thanks, Githesh. As Githesh outlined, Q1 was a strong start to the year with revenue growth and profitability ahead of expectations, increasing adoption of our AI solutions across our largest and most sophisticated clients and continued execution on our capital allocation priorities, including return of capital to shareholders.

謝謝你，Githesh。如 Githesh 所概述，第一季是今年強勁的開局，營收成長與獲利能力均優於預期；我們最大且最成熟的客戶對 AI 解決方案的採用持續提升；同時我們也持續落實資本配置優先事項，包括向股東返還資本。

Now let's turn to the numbers. I'll review our first-quarter 2026 results and then provide guidance for the second quarter and the full year. Total revenue in the first quarter was $281 million, up 12% from the prior year period and above the high end of our revenue range. Please note that all of this growth is organic.

現在我們來看數字。我將回顧 2026 年第一季的業績，接著提供第二季與全年指引。第一季總營收為 2.81 億美元，較去年同期成長 12%，並高於我們營收區間的上緣。請注意，這些成長全部來自有機成長。

Of the 12% growth, 9% was driven by cross-sell, upsell and the adoption of solutions across our existing client base, approximately 3 points of growth came from new logos. Within this position, we did see more than 1 point of impact from a combination of timing and onetime items, including true-ups on subscription contracts in transactional strength in casualty.

在 12% 的成長中，9% 來自於在既有客戶群中的交叉銷售、加購（upsell）以及解決方案採用提升；約 3 個百分點的成長來自新客戶（new logos）。在此之中，我們確實看到超過 1 個百分點的影響，來自時點因素與一次性項目的組合，包括訂閱合約的追溯調整（true-ups）以及傷亡險交易量的強勁表現。

In the quarter, Emerging Solutions contributed about 4 points of growth, primarily driven by EvolutionIQ, our AI-based APD solutions, diagnostics and build sheets. Emerging Solutions continue to represent an important and expanding part of the portfolio, accounting for approximately 11% of the total revenue in the first quarter of 2026 and growing approximately 50% year over year with the largest contribution from our AI solutions.

本季，新興解決方案（Emerging Solutions）貢獻了約 4 個百分點的成長，主要由 EvolutionIQ、我們以 AI 為基礎的 APD 解決方案、診斷以及建置清單（build sheets）所帶動。新興解決方案持續是產品組合中重要且不斷擴大的部分，在 2026 年第一季約占總營收的 11%，年增約 50%，其中最大貢獻來自我們的 AI 解決方案。

Turning to our key metrics of software gross dollar retention or GDR, and Software Net Dollar Retention, or NDR, GDR captures the amount of revenue retained from our client base compared to the prior year period. In Q1 2026, our GDR was 98%, down from 99% last quarter. Please note that since we started reporting this metric, GDR has been between 98% and 99%. It is either rounded up or down primarily by repair shop industry churn. We believe the consistency is evidence of the value we deliver and the benefit of participating in the CCC network, our strong GDR is a core tenet of our predictable and resilient revenue model.

接著看我們的關鍵指標：軟體毛美元留存率（software gross dollar retention，GDR）與軟體淨美元留存率（Software Net Dollar Retention，NDR）。GDR 衡量相較於去年同期，我們從既有客戶群中留存的營收金額。在 2026 年第一季，我們的 GDR 為 98%，較上季的 99% 略降。請注意，自我們開始揭露此指標以來，GDR 一直介於 98% 至 99% 之間。其四捨五入上或下，主要受維修廠產業客戶流失（churn）影響。我們認為這種一致性證明了我們所交付的價值，以及參與 CCC 網路所帶來的效益；強勁的 GDR 是我們可預測且具韌性的營收模式之核心支柱。

Net dollar retention 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. In Q1, 2026, our NDR was 107%, up compared to our full year NDR in 2025 of 106%.

淨美元留存率（NDR）反映相較於去年同期，我們既有客戶群所帶來的交叉銷售與向上銷售金額，以及我們汽車實體損害（auto physical damage）客戶群的業務量變動。2026 年第一季，我們的 NDR 為 107%，較 2025 年全年 NDR 106% 有所提升。

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.

接下來我想更詳細地說明損益表。提醒一下，除非另有說明，所有指標皆為非 GAAP。我們在新聞稿中提供 GAAP 與非 GAAP 指標的調節表。

Adjusted gross profit was $216 million for the quarter, with an adjusted gross profit margin of 77%, which is up sequentially from 76% and flat year over year. The underlying economics of the business continue to demonstrate leverage and scalability and we remain confident in our ability to progress towards our long-term target of approximately 80% as our newer solutions revenue scale and offsets the impact of higher depreciation from recent investments.

本季調整後毛利為 2.16 億美元，調整後毛利率為 77%，較前一季的 76% 上升，且年對年持平。本業的基本經濟性持續展現槓桿效益與可擴展性；隨著較新的解決方案營收規模化並抵銷近期投資帶來較高折舊的影響，我們仍有信心朝長期約 80% 的目標邁進。

In terms of expenses, adjusted operating expense in Q1 2026 was $109 million, which is up 2% year over year, reflecting strong cost discipline nearly flat year-over-year head count and some phasing benefits of costs that moved into Q2. Adjusted EBITDA for the quarter was $120 million, up 20% year over year with an adjusted EBITDA margin of 43%. This was above the high end of the range, reflecting cost efficiencies, some phasing benefits and the flow-through from revenue overperformance in the quarter.

費用方面，2026 年第一季調整後營業費用為 1.09 億美元，年增 2%，反映強勁的成本紀律、年對年人力幾乎持平，以及部分成本遞延至第二季所帶來的期間配置效益。本季調整後 EBITDA 為 1.20 億美元，年增 20%，調整後 EBITDA 利潤率為 43%。此結果高於指引區間上緣，主要反映成本效率、部分期間配置效益，以及本季營收優於預期所帶來的利潤流入。

Q1 adjusted EBITDA margin expanded over 300 basis points year-over-year. Stock-based compensation as a percent of revenue was 11% in Q1 of 2026. That's consistent with Q4 2025. We expect full year stock-based compensation in 2026 to be approximately 13% of revenue with a path to single digits as we move into 2027.

第一季調整後 EBITDA 利潤率年對年擴張超過 300 個基點。2026 年第一季以營收百分比計的股權基礎薪酬為 11%。這與 2025 年第四季一致。我們預期 2026 年全年股權基礎薪酬約為營收的 13%，並在 2027 年邁向個位數百分比。

Now let's turn to the balance sheet and cash flow. We ended the quarter with $37 million in cash and cash equivalents and $1.3 billion of debt. At the end of the quarter, net leverage was 2.7 times adjusted EBITDA. We continued to deliver strong free cash flow generation and the return the capital to shareholders through share repurchases. Free cash flow in Q1 was $42 million compared to $44 million in the prior year period. Free cash flow on a trailing 12-month basis was $252 million, which is up 7% year over year.

接著看資產負債表與現金流。本季期末現金及約當現金為 3,700 萬美元，負債為 13 億美元。季末淨槓桿倍數為調整後 EBITDA 的 2.7 倍。我們持續創造強勁自由現金流，並透過庫藏股回購向股東返還資本。第一季自由現金流為 4,200 萬美元，去年同期為 4,400 萬美元。以過去 12 個月（TTM）計，自由現金流為 2.52 億美元，年增 7%。

On a trailing 12-month free cash flow margin as of Q1 2026 was 23%, down modestly from 24% as of Q1 2025. We are committed to a disciplined capital allocation framework, which balances investment in the business and capital return to shareholders to deliver long-term shareholder value. In December 2025, we announced a $500 million share repurchase authorization and a $300 million accelerated share repurchase program under that authorization.

截至 2026 年第一季，以過去 12 個月計的自由現金流利潤率為 23%，較 2025 年第一季的 24% 小幅下降。我們致力於嚴謹的資本配置框架，在投資業務與回饋股東之間取得平衡，以創造長期股東價值。2025 年 12 月，我們宣布 5 億美元的股票回購授權，並在該授權下推出 3 億美元的加速股票回購（ASR）計畫。

During Q1, we completed the ASR under which we purchased a total of approximately 43 million shares. Following the completion of the ASR, we repurchased an additional $100 million of stock in the open market during Q1.

第一季期間，我們完成了該 ASR，合計回購約 4,300 萬股。ASR 完成後，我們在第一季於公開市場額外回購 1 億美元股票。

At the end of Q1, we have returned more than $1 billion to shareholders through repurchases over the last 2.5 years and have $100 million remaining available under the current $500 million board authorization. I'll now turn to guidance.

截至第一季末，過去 2.5 年我們透過回購已向股東返還超過 10 億美元，且在目前董事會核准的 5 億美元授權下，尚餘 1 億美元可用額度。接下來我將說明財測指引。

For Q2 2026, we expect revenue between $283 million to $285 million, representing 9% year over year growth at the midpoint. We expect adjusted EBITDA of $111 million to $113 million, a 39% adjusted EBITDA margin at the midpoint. For the full-year 2026, we expect total revenue of $1.155 billion to $1.163 billion which represents approximately 10% year-over-year growth at the midpoint.

對於 2026 年第二季，我們預期營收介於 2.83 億至 2.85 億美元，以中位數計年增 9%。我們預期調整後 EBITDA 為 1.11 億至 1.13 億美元，以中位數計調整後 EBITDA 利潤率為 39%。對於 2026 年全年，我們預期總營收為 11.55 億至 11.63 億美元，以中位數計約為年增 10%。

For adjusted EBITDA, we expect between $484 million to $490 million, which implies a 42% adjusted EBITDA margin at the midpoint. So 3 points to keep in mind as you think about the Q2 and full-year guide. First, we have raised the full-year revenue guidance from 8.5% to 9.5% to now 9% to 10% growth on the back of Q1 strong results and the momentum that we're seeing across the business.

調整後 EBITDA 方面，我們預期介於 4.84 億至 4.90 億美元，意味著以中位數計調整後 EBITDA 利潤率為 42%。在思考第二季與全年指引時，有三點需要留意。第一，我們在第一季強勁表現以及全業務動能的帶動下，已將全年營收成長指引自 8.5% 至 9.5% 上調至目前的 9% 至 10%。

Second, in terms of the cascade of revenue growth through 2026, Q1 included more than 1 point of impact from a combination of onetime items and transactional strength in casualty. In addition, in the second half, we're expecting approximately a 1 point revenue headwind as an insurance carrier transitions away their legacy first-party casualty business from us.

第二，就 2026 年營收成長的分布而言，第一季包含了超過 1 個百分點的影響，來自一次性項目與意外險（casualty）交易動能的組合。此外，在下半年，我們預期約有 1 個百分點的營收逆風，原因是一家保險承保公司將其傳統的第一方意外險（first-party casualty）業務自我們這裡轉出。

Third, we remain confident in our ability to drive margin expansion in 2026, consistent with our demonstrated track record. As we've stated on our Q4 call, we expected adjusted EBITDA margin to decline sequentially in Q2 due to phasing of spend and then resume year-over-year margin expansion in the second half of the year.

第三，我們仍有信心在 2026 年推動利潤率擴張，與我們過往已證明的紀錄一致。如同我們在第四季電話會議所述，我們預期第二季因支出時點配置而使調整後 EBITDA 利潤率較前一季下滑，之後在下半年恢復年對年利潤率擴張。

We managed our adjusted EBITDA margin on an annual basis and the progression is driven by continued cost discipline in the operating leverage in the business. The high end of the guide reflects approximately 100 basis points of margin expansion in both the first and second half of the year. In closing, we feel very good about the financial position of the business and the durability of our operating model.

我們以年度為基礎管理調整後 EBITDA 利潤率，其進展來自持續的成本紀律與業務的營運槓桿。指引上緣反映上、下半年各約 100 個基點的利潤率擴張。總結而言，我們對公司的財務狀況與營運模式的韌性深具信心。

We delivered strong revenue growth, margin expansion, and free cash flow, enabling meaningful capital return to shareholders through repurchases while maintaining a prudent leverage profile. Our capital allocation framework remains disciplined, prioritizing organic investment, balance sheet strength, and return of excess capital to shareholders while remaining highly selective on M&A. Taken together, our predictable operating model, strong cash generation and margin discipline positions us well as we move through 2026.

我們實現了強勁的營收成長、利潤率擴張與自由現金流，使我們在維持審慎槓桿水準的同時，仍能透過回購向股東進行具意義的資本回饋。我們的資本配置框架仍維持紀律，優先投入內生成長、強化資產負債表，並將多餘資本回饋股東，同時在併購（M&A）上保持高度審慎與選擇性。綜合而言，我們可預期的營運模式、強勁的現金創造能力與利潤率紀律，使我們在 2026 年推進過程中處於有利位置。

I'll now turn the call back over to Githesh for some additional comments before we begin with Q&A. Thanks.

接下來在進入問答前，我會把電話會議交回給 Githesh，請他補充一些意見。謝謝。

Before we move into Q&A, I'd like to share one update. As you saw this morning from our announcement, Brian Herb, after more than six years with the company, has decided to pursue another opportunity outside of CCC and will be stepping down as our CFO at the end of May. We will certainly miss Brian.

在進入問答之前，我想分享一項更新。如同你們今天早上從我們的公告所見，在公司服務超過六年後，Brian Herb 已決定在 CCC 之外尋求另一個機會，並將於 5 月底卸任我們的財務長（CFO）。我們一定會想念 Brian。

And as you know, during his tenure, Brian played a critical role in our evolution, including helping take the company public, and serving as a key leader through a period of significant growth in transformation. His leadership helped scale our organization and especially as we advance the commercialization of our AI capabilities, positioning us really well for the future.

如各位所知，在他任內，Brian 在我們的演進過程中扮演關鍵角色，包括協助公司上市，並在公司顯著成長與轉型的期間擔任重要領導者。他的領導協助我們擴大組織規模，尤其在我們推進 AI 能力商業化之際，讓我們為未來奠定非常良好的基礎。

So on behalf of our Board and the entire CCC team, I want to thank Brian for his many contributions and wish him continued success. I know I speak for Brian as well when I say that he remains a strong believer in the business, a shareholder and a close friend.

因此，我代表董事會與整個 CCC 團隊，感謝 Brian 的諸多貢獻，並祝福他持續成功。我也知道我同樣代表 Brian 表示：他仍然非常看好這項業務，仍是股東，也是親密的朋友。

Rod Christo, Senior Vice President of Finance, and Chief Accounting Officer and a 30-year veteran of CCC will become Interim CFO upon Brian's departure. To ensure a smooth transition, Brian will also continue to support the company as an adviser following his departure.

CCC 財務資深副總裁兼首席會計官、並在 CCC 任職 30 年的資深主管 Rod Christo，將在 Brian 離任後出任代理財務長（Interim CFO）。為確保順利交接，Brian 在離任後也將以顧問身分持續支持公司。

And on today's Q&A, we are joined by our President, Tim Welsh. As you will remember, Tim joined about a year ago and its positive impact on our go-to-market execution is evident in the momentum we're seeing across the business today.

在今天的問答環節，我們也邀請到總裁 Tim Welsh 一同參與。如各位所記得，Tim 約在一年前加入，而他對我們市場推進（go-to-market）執行的正面影響，已清楚反映在我們目前在整體業務上所看到的動能之中。

Operator, we are now ready to take questions. Thank you.

接線員，我們現在準備開始提問。謝謝。

(Operator Instructions)

(接線員指示)

Saket Kalia, Barclays.

Saket Kalia，巴克萊（Barclays）。

This is Alyssa on for Saket. Great start to the year, and congratulations to Brian. We'll miss working with you.

我是 Alyssa，代 Saket 發言。今年開局很棒，也恭喜 Brian。我們會想念與你共事。

Githesh, maybe for you. You called out some nice casualty wins. Can you dig into that business a little bit and talk about who you're replacing here?

Githesh，這題可能想請教你。你提到在意外險（casualty）方面拿下了一些不錯的勝利。你能否更深入談談這塊業務，以及你們在這裡取代的是哪一家供應商？

Yes. I would say the thing that I can talk about is what we do exceptionally well, which is that our third-party solution replaced an incumbent that they had that the customer was using. And we have been working very deeply and closely with the customer and the impact and the investments that we've been talking about for the last several years are truly coming through on the differentiation of our product and our solutions. And after a fair amount of testing, the customer has moved forward with us, and we're truly excited about it.

好的。我想我能談的一點是：我們有一項做得特別出色的地方，也就是我們的第三方解決方案取代了客戶原本正在使用的既有供應商（incumbent）方案。我們一直與客戶非常深入且緊密地合作，而我們過去幾年一直在談的影響與投資，確實正在體現在我們產品與解決方案的差異化上。在相當程度的測試之後，客戶決定與我們合作，我們對此非常振奮。

Tim, I don't know if you wanted to add anything to that?

Tim，我不確定你是否想補充？

Yes, I would just add a couple of things. First of all, this is an area of a long-term strategic focus for us. As Githesh just alluded to, we've been making investments in the casualty business broadly and specifically in the third-party business for some time.

是的，我補充幾點。首先，這是我們長期策略重點聚焦的領域。如同 Githesh 剛才提到的，我們在意外險業務整體、以及特別是在第三方業務上，已投入一段時間。

And we've been paying very close attention to customer needs. And so we've just given that strategic focus over a long period the combination of our tools with the EIQ tools and the consistent listening to customers and adopting our products accordingly has really helped us have this continued success.

我們也非常密切關注客戶需求。因此，長期的策略聚焦，加上我們工具與 EIQ 工具的結合，以及持續傾聽客戶並據此調整產品，確實幫助我們延續這樣的成功。

We're excited about what we've seen so far and look forward to more continued momentum.

我們對目前看到的成果感到振奮，也期待動能能持續延伸。

And maybe, Brian, my follow-up for you. Just to stay on the theme of casualty here. You mentioned there was some element of volume based benefit. Can you remind us how the pricing there works and maybe refresh us on how big that business is as a percentage of total?

另外，Brian，我有一個追問想請教你。同樣延續意外險（casualty）這個主題。你提到有一些與量（volume）相關的效益。你能否提醒我們那邊的定價機制如何運作，並也幫我們更新一下，這塊業務占總體的比例大約是多少？

Yes, happy to. So casualty represents about 10% of total revenue. It's important to note, it is one of the fastest-growing parts of the portfolio as we've talked about the investment that we've put in that product and also just the momentum that's building.

好的，很樂意。意外險約占總營收的 10%。值得注意的是，正如我們談到的，考量我們對該產品的投資以及正在形成的動能，這也是我們產品組合中成長最快的部分之一。

As far as the revenue mix, it is a combination of subscription deals but we also have some deals that are transactional and some deals will have true-ups as well. So what we saw in Q1 on some parts of the transactional business, we saw strength that we highlighted.

就營收組成而言，它是訂閱型合約的組合，但我們也有一些交易型（transactional）的合約，且部分合約也會有期末調整（true-ups）。因此，我們在第一季於交易型業務的某些部分看到我們所強調的強勁表現。

From a pricing perspective, it's similar to our other products that we do price on an ROI basis and show value of the clients as we roll those products out.

從定價角度來看，與我們其他產品類似，我們會以投資報酬率（ROI）為基礎定價，並在推行產品時向客戶展現其價值。

Dylan Becker, William Blair.

Dylan Becker，William Blair。

Githesh, I appreciate all the color on kind of the industry drivers and the secular drivers supporting kind of the long-term growth outlook. But I was wondering if you could maybe delineate it a little bit further. I mean what's driving kind of the outsized adoption from the larger carriers relative to maybe their preference and need and seeing everything that's going on.

Githesh，感謝你針對產業驅動因素與長期結構性（secular）驅動因素，提供了很多細節來支持長期成長展望。但我想請你再更進一步拆解一下。我的意思是，相較於其他因素，在大型保險公司（carriers）那邊，究竟是什麼在推動更為顯著的採用？也就是相對於他們的偏好與需求，以及他們所看到的整體情勢。

With AI in needing a viable solution, maybe paired with your maturity of the platform and kind of conviction in your solution delivering value and resonating alongside maybe even the final factor of the industry not being able to lean in a price and the lever of kind of claims efficiency and supporting profitability.

在 AI 方面，他們需要一個可行的解決方案，可能再加上你們平台的成熟度，以及你們的解決方案在交付價值、引起共鳴方面的信心；再加上最後一個因素：產業無法只靠提高價格來因應，而是要透過理賠效率（claims efficiency）這個槓桿來支撐獲利能力。

Maybe all three kind of coming together as one, I would love your take there as well.

Sure, Dylan. Thank you. I would say, first and foremost, as you know, we have been working on building our AI capabilities for well over a decade. And what this has done has allowed us to really deeply build highly accurate models, which are only possible when you have a $2 trillion of historical data. And the other thing, as you know, the customers that we've announced today are some of the largest and the most sophisticated customers in the world and they are the largest buyers of technology in the world.

And so in other words, they've also had access to all of the LLMs and all of the tools. And what they are seeing is that over the last few years, they've also worked very closely with us in seeing the accuracy, the performance, and specifically the ROI of our solutions and the differentiation we have is that not only are these highly accurate AI solutions but they're deeply embedded into the existing workflows where literally thousands of decisions are made by thousands of people and then those workflows extend across the network.

So this combination of world-class AI that works with very sophisticated data and also think about the feedback loop, right? On a daily basis, we're able to manage drift and the accuracy based on the feedback that we get on a real-time basis as we touch 20 million cars a year. And then connecting that into embedded workflows in a very regulated environment.

And also, a lot of this has to be hyper local decisions. That means a national average number or a solution is not going to work. It's got to be very specific to ZIP codes and geography. So I would say the combination of all of these things has helped.

But the single most important thing, I would say, is after two, three years, in some instances of work after people have tested, evaluated and then made the decisions to go forward on a multiyear basis. So I would say that is the single most important thing is the testing, the evaluations. It has taken a little longer than we thought. But that's why we saw the momentum in Q4 and then we saw increased momentum in Q1.

That's very helpful. And then maybe, Brian, one for you, too. I think you kind of called it out at the end. But it's very clear that momentum to Githesh' point, is resonating. On the casualty side, I know we saw some kind of true-ups in the first quarter, but I think you also called out a first-party one point headwind throughout the balance of the year.

So maybe the core slightly being masked by that. But can you kind of dive into the segmentation between kind of third-party, first-party maybe a little bit of kind of the puts and takes there as well?

Yes. We haven't broken out the -- from a revenue mix perspective, third party and first party. I think as Githesh has highlighted, we've talked about third party where we put a lot of investment in, we're seeing a lot of momentum, not only the Allstate win that we had in the quarter. Last time we talked about Liberty Mutual coming on board. So we're seeing really good momentum.

是的。我們尚未從營收組合的角度，將第三方與第一方拆分揭露。我想如 Githesh 所強調的，我們談過第三方是我們投入大量投資的領域，我們看到很強的動能，不僅是我們在本季拿下的 Allstate 案子。上次我們也提到 Liberty Mutual 加入。所以我們看到非常好的動能。

We continue to invest in first party as well and feel good about that product position. So yes, we're feeling really good overall on the momentum we're seeing in casualty and the growth, not only in the quarter, but how it's setting up for the balance of the year and going forward from there.

我們也持續投資第一方，並且對該產品的市場定位感到樂觀。所以是的，整體而言，我們對在意外險（casualty）領域看到的動能與成長感到非常振奮，不僅是本季的表現，也包括今年剩餘期間的布局，以及之後的發展。

Tyler Radke, Citi.

Tyler Radke，花旗（Citi）。

Brian, It's been a pleasure working with you. Best of luck going forward. I wanted to just dive in a little bit on some of the true-ups dynamics that you saw in Q1, and I appreciate the clarification on the financial impact. But can you just remind us like the sort of contracting dynamics that drive that? Was it sort of outsized renewals and did customers kind of undercommit on volumes or products that drove that?

Brian，能與你共事很愉快。祝你未來一切順利。我想稍微深入了解一下你們在第一季看到的一些 true-up（補差調整）動態，我也感謝你對財務影響的釐清。但你能否提醒我們，這背後是什麼樣的合約機制在驅動？是因為續約量特別大，還是客戶在承諾的用量或產品上偏保守，才導致這種情況？

And just help us understand if there's anything to read through in terms of folks signing up and expanding post that true-up event?

也請協助我們理解，在那次 true-up 事件之後，客戶簽約與擴張方面是否有任何可解讀的訊號？

Yes. Thanks for the kind words, Tyler, as well. So just as a reminder, 85% of our revenue is subscription. So largely subscription-based. In some of our subscriptions, and again, they'll vary the deals.

是的。Tyler，也謝謝你的好話。先提醒一下，我們 85% 的營收來自訂閱。所以主要是訂閱制。在我們的一些訂閱合約中——當然，不同交易條款會有所差異。

But in some subscriptions, they will commit to a certain level of volume and if they trip that level of volume, we will true them up and take that true-up in the period. And so what we saw in the dynamic that played through in Q1 is they exceeded the minimum of the contract. They had some additional volumes and we trued that up.

但在某些訂閱合約裡，客戶會承諾一定的用量水準；如果他們超過該用量水準，我們就會進行 true-up，並在當期認列該 true-up。因此，我們在第一季看到的情況是，他們超過了合約的最低承諾量。他們有一些額外用量，我們就做了補差調整。

That doesn't necessarily mean it's a new contract as they go into the next part of their year or they go to the next year, that level of commitment will reset. So we highlighted the phasing and the impact in the quarter because it played through the 12%, but it is kind of a natural point of how the deals are structured.

這不一定代表這是一份新合約；當他們進入下一個合約年度或下一段期間時，那個承諾水準會重新設定。所以我們特別說明本季的時點與影響，因為它反映在 12% 的數字裡，但這其實是交易結構自然會出現的情況。

And as I said, this is kind of a specific deal. We have other flavors of subscription deals, but this one led to the true-up in the quarter.

如我所說，這算是一筆相對特定的交易。我們還有其他不同型態的訂閱交易，但這一筆在本季導致了 true-up。

Got it. And Githesh, I believe you talked about a pretty large top five insurer renewal that took a step-up kind of adding of -- I don't know if it's a full suite of AI, but it sounds like they took on a lot of the AI capabilities. Can you just talk about sort of what that did to that contract in terms of the expansion? And is that something that you think you can replicate as you look across your other major renewals coming up?

了解。另外，Githesh，我記得你提到一個前五大保險公司的大型續約案，合約有一個「升級」式的擴張——我不確定是否是完整的 AI 套件，但聽起來他們採用了很多 AI 能力。你能談談這對該合約在擴張方面帶來了什麼影響嗎？以及當你們看其他即將到來的重要續約案時，你認為這種模式是否可以複製？

Yes. The short answer to the last part of your question is we absolutely believe we will see this going forward, this approach. Again, as a reminder, this customer not only renewed all of our core suite, which is all our traditional core products, but they've also been deeply testing over the last couple of years are in all our different AI solutions.

是的。你問題最後那一部分的簡短回答是：我們絕對相信未來會持續看到這種做法。再提醒一下，這位客戶不僅續約了我們的核心產品套件（也就是我們所有傳統核心產品），而且在過去幾年也一直在深入測試我們各種 AI 解決方案。

And what was really unique about this was that they felt that getting an enterprise license across the board for a full suite of AI that then sits in addition to the core was really important because there was an ROI for the core solutions, and there was an incremental significant additional ROI for the AI solutions, and both of these work really well together, and that's what they saw and tested.

而這次非常特別的是，他們認為取得涵蓋全公司的 AI 全套企業授權、並且是在核心產品之外額外加上的，這點非常重要；因為核心解決方案本身就有投資報酬率（ROI），而 AI 解決方案還能帶來額外且顯著的增量 ROI，兩者搭配運作得非常好——這就是他們所看到並測試驗證的結果。

And we believe this is an indication of how we are starting to see customers move forward.

我們相信，這顯示客戶正開始以這樣的方式往前推進。

Yes. Just to build on, Githesh, your comments there that this -- what we're seeing across the organizations, our customers is that they are trying to adopt AI as quickly as possible in lots of different venues. And as Githesh alluded to, they have been working closely with us for years to help develop and test these solutions.

是的。我再補充一下，Githesh，你剛才提到的這點——我們在各個組織、也就是我們的客戶端看到的是，他們正試圖在許多不同場景中，盡可能快速地導入 AI。而如 Githesh 所暗示的，他們多年來一直與我們密切合作，協助開發並測試這些解決方案。

And so we are certainly optimistic that the enthusiasm we're seeing in this particular case that you highlighted will continue across because we've been working with many of our customers in a similar kind of manner.

因此，我們確實樂觀地認為，你所提到這個特定案例中看到的熱情，會在更廣泛的客戶群中延續，因為我們也以類似的方式與許多客戶合作。

And sorry, just to clarify, like can you frame just what type of expansion that drove in the APD as they adopted the AI solutions?

抱歉，我只是想再釐清一下：當他們採用 AI 解決方案時，能否說明這對 APD 的擴張大概是什麼樣的幅度？

Yes, Tyler, it's back to Brian. We don't talk about specific deal dynamics, but we have said in the past as a rule of thumb to think about our AI solutions within APD that it would add on about 50% of what they're paying us incrementally for the core software. So think about it as a 50% uplift on pricing.

是的，Tyler，我是 Brian。我們不會談特定交易的細節，但我們過去曾提過一個經驗法則：在 APD 中納入我們的 AI 解決方案時，通常會在核心軟體的費用基礎上，額外增加大約 50% 的增量付費。所以可以把它想成價格約 50% 的上調（uplift）。

Kirk Materne, Evercore ISI.

Kirk Materne，Evercore ISI。

I was wondering, actually, if I could just build on that last question from Tyler. Tim, in your comments, I'm sure every single while your customers is getting inundated by new phone calls from AI native companies and maybe the large labs. Has any of just the groundswell of interest in AI slowed any of the pilots down? Or are they getting distracted at all? Or do you feel like things are moving ahead at a cadence?

我想其實可以延續 Tyler 的上一個問題。Tim，在你的評論中，我相信你們每一位客戶都正被 AI 原生公司、以及可能是大型實驗室（labs）打來的新電話淹沒。這波對 AI 的高度關注，是否有讓任何試點（pilot）進度變慢？或他們有因此分心嗎？還是你覺得事情仍以既定節奏在推進？

I mean, it seems like at least in that case, it is. But I was just kind of curious on a more holistic basis, if any of just sort of the AI noise and frankly, the progression of the labs has sort of slowed things down or helped? I would just love to -- just a broader view on that, too.

我的意思是，至少在那個案例中看起來是有在推進。但我只是好奇，從更整體的角度來看，這些 AI 的雜訊，以及坦白說各大實驗室的進展，是否讓事情變慢或反而有幫助？我也很想聽聽更宏觀的看法。

Yes, Kirk, thanks so much for the question. And what we're seeing is that customers are, in fact, the news about AI, the AI native companies, all of that sort of thing is just creating lots and lots of questions and enthusiasm and interest, as you alluded to, right? So that's what's happening in the market.

是的，Kirk，謝謝你的提問。我們看到的是，客戶確實——關於 AI 的新聞、AI 原生公司等等這些，都在市場上引發大量問題、熱情與興趣，正如你所提到的。所以市場正在發生的是這些。

What we have -- and I just want to go back to something Githesh hit on, we have years of relationships and trust built up with these folks. So while everybody is interested in new innovations, you also want new innovations from someone that you've worked with for decades that is deeply embedded in your workflow, has helped you achieve all of your regulatory and compliance requirements, that really -- that years of credibility really helps us in this.

而我們——我想回到 Githesh 提到的一點——我們與這些客戶之間建立了多年關係與信任。所以雖然每個人都對新創新感興趣，但你也會希望新創新是來自一個你合作了數十年、深度嵌入你工作流程、並協助你達成所有監管與合規要求的夥伴；這些年累積的可信度，確實在這方面對我們很有幫助。

So the fact that we have terrific AI solutions coupled with a long period of working closely with these carriers, building an enormous trust, that positions us really, really well. I hope that's helpful, Kirk.

因此，我們擁有很棒的 AI 解決方案，再加上長期與這些保險公司密切合作、建立起巨大的信任，讓我們處於非常、非常有利的位置。希望這對你有幫助，Kirk。

That is. And then just, Brian, maybe one for you. Just on the new casualty wins, when you guys announced sort of a new win with some of these bigger carriers, what's the phasing of sort of bringing on or starting the revenue? I assume these projects take a little while to get ramped up. So how should we think about sort of an announcement relative to when that announcement or win starts to impact you guys from a top line perspective?

有幫助。另外，Brian，可能再問你一題。關於新的意外險（casualty）客戶得標案，當你們宣布與一些較大型保險公司拿下新案時，導入與開始認列營收的時程通常是怎麼安排的？我猜這些專案需要一些時間才能逐步拉升。所以我們應該如何看待「宣布／得標」相對於該案開始在營收（top line）上對你們產生影響的時間點？

Yes. No, it's a really good point, and you picked it up right. I mean this will phase in as we go through the year. So once we sign it and close it, it doesn't just into run rate out of the gate. It will -- they'll transition into it and they'll build up on volume as well.

是的。不，你提得非常好，而且你抓到重點了。我的意思是，這會在今年內逐步導入。所以一旦我們簽約並完成交割，它不會一開始就立刻反映到 run rate。它會——他們會逐步轉換到這套方案，並且在量能上也會逐步拉升。

So it will build as we go through the year and get to full run rate kind of in the second half of the year.

所以它會在今年內逐步累積，並在下半年左右達到完整的 run rate。

Josh Baer, Morgan Stanley.

Josh Baer，摩根士丹利。

Brian, congrats on the opportunity. I wanted to ask one on the pricing model and sort of this idea of it tied to value that you deliver. I mean, with increasing complexity, higher cost of claims, you're in a position to provide more value to your customers. So I'm wondering how this plays out in reality? Like how do you capture the value?

Brian，恭喜拿下這個機會。我想問一個關於定價模型的問題，以及這種與你所交付價值掛鉤的概念。我的意思是，隨著複雜度提高、理賠成本上升，你其實能為客戶提供更多價值。所以我想知道這在現實中會如何展開？例如你們如何把這個價值變現？

Is it -- are we talking about your ability to sell new products and monetize additional products? Or is it even like in the time of a contract renewal that you can actually renegotiate pricing and capture pricing at renewal, if you could walk through how that plays out.

這是——我們在談你們銷售新產品、並將額外產品變現的能力嗎？或者甚至是在合約續約時，你們其實可以重新協商定價，並在續約時把價格調整上去、捕捉到定價？如果可以的話，請你說明一下這實際上是怎麼發生的。

Josh, let me just start out with structurally how to think about the business, and then Brian will actually go into the math a little bit more. So when you look at it on a structural basis, over the years, we have an auto physical damage suite. We keep adding enhancements, functionality to the auto physical damage suite. So that has an ongoing ROI that people are managing or renewing.

Josh，我先從結構面來說明如何看待這門業務，接著 Brian 會再深入談一些數學上的細節。所以從結構面來看，多年來我們有一套汽車車體損傷（auto physical damage）產品組合。我們持續在這套汽車車體損傷產品組合上增加強化與功能。因此，客戶在管理或續約時，這會帶來持續的投資報酬（ROI）。

Then on top of that, there is a full layer of AI solutions that range from the front end of the claim where we are starting with our photo AI capabilities and along all the way through different steps in the claims process, that's true both for the insurance market.

在此之上，還有一整層 AI 解決方案，範圍從理賠前端開始——我們以照片 AI 能力起步——一路延伸到理賠流程中的不同步驟；這對保險市場是如此。

It's also true for the repair market where we have a broad suite of AI solutions that go across on top of the core. That has its own ROI, which is incremental to the core, and that is another structural component. Then independent of that, we have solutions like subrogation, which apply even more broadly, and those are new products and completely separate from auto physical damage and the AI on top.

對維修市場也是如此；我們有一套廣泛的 AI 解決方案組合，疊加在核心之上、橫跨多個環節。它有其自身的 ROI，且是相對於核心的增量 ROI，這是另一個結構性組成。此外，獨立於上述之外，我們還有像代位求償（subrogation）這類解決方案，適用範圍更廣；這些是新產品，且與汽車車體損傷以及其上的 AI 完全分開。

And then casualty is yet another component. So does that structurally -- and same thing on the automotive side as we add solutions like diagnostics, build sheets and others. Those go into additional packages. So that's how to think about it on a structural basis. And then, Brian, if you want to add.

然後，傷亡險（casualty）又是另一個組成部分。同樣地，在汽車端，我們也會加入像診斷、出廠配備表（build sheets）等其他解決方案。這些會納入額外的套裝方案。所以，從結構面就是這樣來理解。然後，Brian，如果你想補充的話。

Yes. The only thing incrementally I'd add to what Githesh said is you're right, we sell on ROI. Typically, we think about a 5:1 ROI, and that's kind of how the products are priced. Your question on does that happen through new solutions being embedded into the bundle? It absolutely does.

是的。我在 Githesh 所說的基礎上，唯一想再補充的是：你說得沒錯，我們是以 ROI 來銷售。通常我們會以 5:1 的 ROI 作為思考基準，產品定價大致就是依此而來。你問這是否透過把新解決方案嵌入套裝來實現？確實是。

So as we bring new solutions out, prove the ROI with those new solutions. We're selling them on an ROI basis. Your other part of the question, does it allow opportunities through renewals? It can as well. We provide a tremendous amount of value as clients scale and roll out our software, the AI, but also our core solution.

所以當我們推出新解決方案，並用這些新解決方案證明 ROI。我們就是以 ROI 為基礎來銷售它們。你問題的另一部分：是否也能在續約時帶來機會？也可以。當客戶擴大規模並導入我們的軟體、AI，以及我們的核心解決方案時，我們提供了非常可觀的價值。

So it does allow opportunities through renewal depending on where that client is priced at to have price impact through renewals.

因此，視該客戶目前的定價水準而定，確實也能在續約時透過續約帶來價格影響。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛。

Githesh, you've alluded quite a bit to the evaluation customers do ahead of taking on the emerging solutions. And I'm sure you've learned a lot based on the path by which some of these deals have converted recently.

Githesh，你多次提到客戶在採用新興解決方案之前會做評估。我相信你們也從近期一些交易轉換的路徑中學到很多。

How should we think about -- from a magnitude perspective, what portion of your base are testing with high intent today, especially across AI? Is that the entire base? Or is that segmented to a certain portion of your base? Any color there would be helpful.

我們應該如何思考——從量級角度來看，你們的客戶基礎中，有多少比例目前正在以高度意圖進行測試，特別是在 AI 方面？是整個客戶基礎嗎？還是只集中在某一部分客戶？如果能提供一些補充說明會很有幫助。

Sure. So first, I would start off with that our most complex and the largest and most sophisticated customers, they have a lot of edge cases right? They're operating in every jurisdiction, every area, and they have a lot of edge cases. So there's a lot more complexity. And so there is a fair amount of testing.

當然。首先，我會先說，我們最複雜、規模最大、也最成熟的客戶，他們有很多邊緣案例（edge cases），對吧？他們在每個司法管轄區、每個地區運作，而且有很多邊緣案例。所以複雜度高得多。因此確實會有相當程度的測試。

And the beauty for us is that we benefit from having just amazing customers who have this level of complexity and it allows us to really tune home, get all the edge cases right, get the AI right, get all the nuances, the drift, the accuracy, all of that right.

而對我們來說最棒的是，我們受益於擁有非常出色、具備這種複雜度層級的客戶，這讓我們能真正把系統調校到位，把所有邊緣案例處理正確，把 AI 做對，把所有細微差異、漂移（drift）、準確度等都調到正確。

And this is also -- and I know I've had the benefit of seeing this over the last two plus, three decades, that once these solutions are truly working at that scale, then for the entire industry, this becomes easier and easier to adopt and scale. And so that is really how this thing really starts to move through. And we've learned an awful lot in this process. But the reference is we get are phenomenal out of this.

而且這也是——我知道我在過去二十多年、三十多年裡有機會看到——一旦這些解決方案真的能在那樣的規模下運作，對整個產業而言，採用與擴展就會變得越來越容易。所以這就是整件事開始真正推進的方式。我們在這個過程中學到了非常多。而我們因此獲得的客戶推薦（reference）也非常出色。

And Tim, if you want to add to this?

Tim，如果你想補充一下？

Yes, I just would build on Githesh, what you said, which is we really do work very intensively as Githesh alluded to, with those largest clients. And what we're now seeing is that because the solutions are well tested in many different places, we're seeing a rapid interest in lots of discussions about these across the board from a whole range of clients.

好的，我想在 Githesh 的說法上再延伸一下：正如 Githesh 提到的，我們確實會與那些最大型的客戶非常密切、非常深入地合作。而我們現在看到的是，因為這些解決方案已在許多不同場景中充分測試，我們看到各類客戶都對此快速產生興趣，並展開大量討論。

And so while you can never exactly predict how fast adoption will occur, we're certainly seeing a very wide range of discussions because of the long testing that we've been doing with these products.

因此，雖然你永遠無法精準預測採用速度會有多快，但由於我們對這些產品進行了長時間的測試，我們確實看到非常廣泛的討論正在發生。

Okay. Great. That's really helpful. And then, Brian, echoing well wishes is to you going forward, I think you mentioned Emerging Solutions generated 4 points of growth. How did that contribution come in versus your expectations?

好的。很好。這非常有幫助。接著，Brian，也祝福你接下來一切順利。我想你提到新興解決方案（Emerging Solutions）貢獻了 4 個百分點的成長。這個貢獻相較於你們的預期如何？

I think the was a bit of a surprise in the quarter, and I understand there's some onetime dynamics, but even backing those out, it does feel like things were better than you had expected. How should we think about that 4 points through the rest of the year and going forward?

我認為這一季有點出乎意料；我也理解其中有一些一次性因素，但即便把那些剔除，感覺表現仍比你原先預期更好。我們應該如何看待這 4 個百分點在今年剩餘時間以及未來的延續性？

Yes. Thanks, Adam, for the kind words. Yes, we were really happy in the quarter overall. We're happy with the 12% growth. We are happy with the beat, Emerging delivered 4 points of growth, and we're seeing a lot of momentum as we've been highlighting in the call.

是的。謝謝你，Adam，謝謝你的好話。是的，我們對本季整體表現非常滿意。我們對 12% 的成長感到滿意。我們也對超出預期感到滿意；新興業務帶來了 4 個百分點的成長，而且正如我們在電話會議中強調的，我們看到很多動能。

About one point in the Emerging Solutions was the impact of EvolutionIQ. So that was in there. We continue to see emerging as a category as one of our biggest areas of growth opportunities. So we do continue to expect that to grow in line and potentially have further opportunities as we go forward, both in this year and over the long term. So we're feeling really good on the momentum as we talk about the AI solutions and the pace that they're growing as well.

新興解決方案中的大約 1 個百分點來自 EvolutionIQ 的影響。所以那部分包含在內。我們仍然把新興類別視為我們最大的成長機會領域之一。因此，我們確實預期它會持續以相近的步調成長，並且在今年以及長期未來都可能有進一步的機會。所以，當我們談到 AI 解決方案以及它們的成長速度時，我們對這股動能感覺非常好。

Alexei Gogolev, JPMorgan.

Alexei Gogolev，摩根大通。

Hello, everyone. Githesh, if I may ask about the recent strong appointments that you made the Chief Product Officer. If you think about some of the road map targets that Josh will focus on. Can you maybe talk about those? Is it going to be helping customers deploy more AI at scale or more like expanding into adjacent markets of casualty?

各位好。Githesh，如果可以的話，我想請教你們近期任命了一位很強的首席產品長。如果從 Josh 將聚焦的一些產品路線圖目標來看，你能否談談那些重點？會是協助客戶更大規模部署更多 AI，還是更像是擴展到意外險等相鄰市場？

Yes. Like say, first and foremost, we're really excited to have Josh on board. He's come up to speed very quickly, which is fantastic. And so we are really looking at the work we're doing in really two dimensions. So dimension number one is that as we've AI-enabled, every part of our product segment like all the different flows within our insurance solutions, the solutions that we deliver to repair facilities, to parts providers, OEMs.

是的。首先，我們非常興奮 Josh 加入團隊。他很快就上手了，這非常棒。因此，我們確實從兩個面向來看我們正在做的工作。第一個面向是：隨著我們把 AI 導入產品線的每個部分——例如我們保險解決方案中所有不同的流程、我們提供給維修廠、零件供應商、OEM 的解決方案。

So there's a deepening of the product suite and additional components of the area that we can address. So that is one area. And that's -- and in that same -- think of that as a 1a, 1b would be the additional expansions like subrogation, and there are several other products and things that are in the road map that we'll be sharing with our customers at the upcoming NX customer conference.

因此，產品套件會更深化，並增加我們可涵蓋領域的其他組件。這是一個方向。而且——同樣地——把它視為 1a；1b 則是額外的擴展，例如代位求償（subrogation），以及路線圖上還有其他幾項產品與事項，我們將在即將舉行的 NX 客戶大會上與客戶分享。

The second dimension, which is extraordinarily important that we are focused on and Josh, in particular, is focused on is that we have an incredibly unique ecosystem of customers where the decisions and information flowing out of insurance going into a repair facility, going into a parts provider, going to a tower, going to a salvage yard, the ability to connect IX Cloud and the AI capabilities with an event management framework that goes across all of these things where the AI really drives the decision engines across all of the ecosystem. Our customers are coming back and telling us that is like -- that is super exciting.

第二個面向也極其重要，我們正在聚焦，尤其是 Josh 特別聚焦的是：我們擁有一個非常獨特的客戶生態系——從保險端流出的決策與資訊，進入維修廠、進入零件供應商、進入拖吊場、進入報廢車回收場；我們能把 IX Cloud 與 AI 能力，透過一個跨越所有這些環節的事件管理框架連結起來，讓 AI 真正驅動整個生態系的決策引擎。我們的客戶回饋說，這——這非常令人振奮。

And so those are the two dimensions in which we are very focused.

所以，我們非常聚焦的就是這兩個面向。

Brian, thank you very much for all the years. I appreciate and I enjoyed working with you. If I may ask a quick question about international demand. Very often in vertical sets, we see international expansion being driven by customers themselves. Is this something that you're seeing among your clients?

Brian，非常感謝你這麼多年來的付出。我很感激，也很享受與你共事。如果可以的話，我想快速問一個關於國際需求的問題。很多時候在垂直領域中，我們看到國際擴張是由客戶本身所驅動。你們在客戶之中也有看到這種情況嗎？

How does that inform your international expansion appetite maybe in Europe?

這如何影響你們的國際擴張意願，例如在歐洲？

Yes. I'll take the first part of that, and then I will have Tim jump in for the second part because, as you know, Tim has served this industry on a global basis for many decades. And so I would say, first and foremost, we're seeing tremendous opportunity in terms of the TAM expansion that we have seen. So the TAM expansion in our core, our AI solutions, solutions like subrogation, casualty, disability, workers' comp wherein even in workers' compensation through the acquisition of EIQ, we've landed some of the largest private employers in the country for some of the EIQ solutions. So we are not seeing any shortage of opportunity across the country, and many of our customers tend to be here.

是的。我先回答第一部分，第二部分我會請 Tim 補充，因為如你所知，Tim 在全球範圍服務這個產業已經有數十年。所以我會說，首先，我們在可服務市場（TAM）擴張方面看到了巨大的機會。也就是說，在我們的核心領域——我們的 AI 解決方案、像代位求償、意外險（casualty）、失能（disability）、勞工補償（workers' comp）等解決方案——甚至在勞工補償方面，透過收購 EIQ，我們已為一些 EIQ 解決方案拿下了全國最大的幾家民營雇主。因此，我們在全國各地並不缺乏機會，而且我們的許多客戶也都在這裡。

But the opportunity internationally is substantial, and we will get to it at some point. And Tim, maybe you could share some perspective, Tim has a global perspective.

但國際市場的機會也相當可觀，我們在某個時間點會切入。Tim，也許你可以分享一些觀點，Tim 有全球視角。

Yes. A couple of thoughts. And just first I would just highlight Githesh or underscore what you just said, which is there's enormous TAM expansion in the US. So that's a huge opportunity. And second, Alexei, as you're aware, many are -- many of the companies we serve, the insurers and the repair facilities are primarily US companies. They may have small operations outside the US, but that is primarily our US companies.

是的。有幾點想法。首先我想呼應 Githesh、或強調你剛才所說的：美國的 TAM 擴張非常巨大。所以那是一個很大的機會。第二，Alexei，如你所知，我們服務的許多公司——保險公司與維修廠——主要都是美國公司。它們可能在美國以外有小規模營運，但本質上主要仍是美國公司。

And so as we think about international, it would be thinking about what is the TAM and then where would be companies that may be interested in our solutions but don't necessarily have a domestic US presence just given that, that's the nature of the industry.

因此，當我們思考國際市場時，會去思考 TAM 是多少，然後哪些公司可能對我們的解決方案有興趣，但不一定在美國本土有業務據點，因為這就是這個產業的特性。

So you'd want to think about the industry structure as well as the total TAM. I hope that helps a little bit.

所以你也需要同時考量產業結構以及總體 TAM。希望這能對你有一些幫助。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Githesh for any further remarks.

目前我這邊沒有看到其他問題。我想把電話交回給 Githesh，請他做任何進一步的補充。

Well, thanks, everybody, and really appreciate the thoughtful questions. I would say that we are truly encouraged by the strong operating momentum across the business. And we saw this first at the end of 2025. And what we're really excited about is that this momentum continues to carry into the first quarter of 2026 and beyond. And as complexity continues to increase in the insurance economy, we are truly, truly grateful that our customers are truly turning to CCC to manage mission-critical workflows, apply AI that are trusted and scalable.

好的，謝謝大家，也非常感謝各位深思熟慮的提問。我想說，我們確實受到整體業務強勁營運動能的鼓舞。我們在 2025 年底首先看到了這一點。而我們真正感到興奮的是，這股動能持續延伸到 2026 年第一季及之後。隨著保險經濟體的複雜度持續提高，我們非常、非常感激客戶確實轉向 CCC，來管理關鍵任務工作流程，並採用可信且可擴展的 AI。

And we think our unique data, the embedded workflows we have, the depth and breadth of our network really positions us well to support our customers and continue -- and we believe that will translate into sustained growth at some of the largest insurers, repairers and other parts of our customer base. And we're excited to deepen those relationships and again, very focused on very disciplined execution.

我們認為，我們獨特的資料、我們所嵌入的工作流程，以及我們網路的深度與廣度，使我們具備良好定位來支援客戶，並持續——而我們相信，這將轉化為在一些最大的保險公司、維修業者以及我們其他客戶群部分的持續成長。我們也很期待深化這些關係，並再次強調，我們非常專注於高度自律的執行。

And I'd like to take this opportunity to thank our employees, our customers and our shareholders for the deep trust everybody places in us, and we'll wrap up by saying a huge thank you, Brian, to you for all the years and the amazing partner that you've been.

我也想藉此機會感謝我們的員工、客戶與股東，感謝大家對我們的深厚信任；最後也要再次非常感謝 Brian，謝謝你多年來的付出，以及你一直以來作為合作夥伴的卓越表現。

Thanks, Githesh. It's been a true pleasure.

謝謝你，Githesh。這真的是一段非常愉快的經歷。

Thank you. Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

謝謝。各位女士、先生，今天的簡報到此結束。您現在可以掛線，祝您有美好的一天。