CCC Intelligent Solutions Holdings Inc. (CCC) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CCC Intelligence Solutions conference call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Bill Warmington.

各位好，感謝您稍候。歡迎參加 CCC Intelligent Solutions 的電話會議。（接線員指示）。敬請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者 Bill Warmington。

Thank you, operator. Good morning, and thank you all for joining us today to review CCC's second-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; Rod Christo, CCC's Interim CFO; Tim Welsh, CCC's President; and Katie Coleman, CCC's Treasurer and GVP Finance.

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 年第二季財務業績；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；CCC 代理財務長 Rod Christo；CCC 總裁 Tim Welsh；以及 CCC 財務司庫兼財務資深副總裁（GVP Finance）Katie Coleman。

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 2025 annual report on Form 10-K filed with the SEC.

我們今天就公司業績與計畫所作的前瞻性陳述，可能受到風險與不確定性影響，導致實際結果以及公司計畫的執行與預期出現重大差異。相關風險已於我們投資人關係網站上的盈餘新聞稿中說明，並載於我們向美國證券交易委員會（SEC）提交之 2025 年 Form 10-K 年報中的「風險因素」章節。

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 in the violation of the United States copyright and other laws.

此外，CCC Intelligent 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及其他法律。

Additionally, while we will provide a transcript of portions of this call and we've approved the publishing of a transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in the transcripts. Please note that the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the company's financial condition and the results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release and is available on our Investor Relations website.

另外，雖然我們將提供本次電話會議部分內容的逐字稿，且我們已核准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。請注意，今天電話會議的討論包含美國證券交易委員會（SEC）所定義的若干非 GAAP 財務衡量指標。公司認為，這些非 GAAP 財務衡量指標可就與公司財務狀況及營運結果相關的某些財務與業務趨勢，為管理層與投資人提供有用資訊。GAAP 與非 GAAP 指標之調節表載於我們的盈餘新聞稿，並可於投資人關係網站查閱。

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

謝謝。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. I'm pleased to report that CCC delivered another quarter of solid top and bottom line results. These results reinforce our belief that CCC is becoming the connective layer for the insurance economy, helping participants make informed decisions take action and operate more effectively across an increasingly complex ecosystem. In the second quarter of 2026, total revenue grew 10% year-over-year to $286 million, above the high end of our guidance range. Adjusted EBITDA was $115 million, also above the high end of our guidance range.

謝謝你，Bill，也感謝各位今天加入我們。我很高興向各位報告，CCC 再次交出一季穩健的營收與獲利表現。這些成果強化了我們的信念：CCC 正逐步成為保險經濟體的「連結層」，協助生態系參與者在日益複雜的環境中做出明智決策、採取行動，並更有效率地營運。2026 年第二季，總營收年增 10% 至 2.86 億美元，高於我們財測區間的上緣。調整後 EBITDA 為 1.15 億美元，同樣高於我們財測區間的上緣。

Today, I'd like to focus on 3 themes that continue to frame both our near-term momentum and our long-term opportunity. The first, how CCC is thriving in an AI-driven world. The second is how that is translating into strong customer and revenue momentum. And third is how solving for rising complexity gives us confidence in CCC's long-term growth opportunity. Let me start with how CCC is winning in an AI-driven world.

今天，我想聚焦於三個主題，這些主題持續界定我們的短期動能與長期機會。第一，CCC 如何在 AI 驅動的世界中蓬勃發展。第二，這如何轉化為強勁的客戶與營收動能。第三，解決日益上升的複雜性，如何讓我們對 CCC 的長期成長機會更具信心。我先從 CCC 如何在 AI 驅動的世界中勝出談起。

We are a scaled player in AI today, generating more than $120 million of annualized revenue from AI-based solutions that are growing at nearly 50% year-over-year. But the more meaningful takeaway is what that growth tells us about how our customer behavior is evolving. Customers are increasingly focused on deploying CCC's AI to generate measurable business outcomes. Just as importantly, these deployments are frequently backed by multiyear commitments, providing further evidence that customers view AI as a strategic priority and CCC as a long-term technology partner. Customers are not buying a model.

我們目前已是 AI 領域具規模的參與者，AI 型解決方案的年化營收超過 1.2 億美元，且年增率接近 50%。但更重要的重點在於，這樣的成長反映出我們客戶行為正在如何演變。客戶愈來愈聚焦於部署 CCC 的 AI，以產生可衡量的業務成果。同樣重要的是，這些部署往往伴隨多年期承諾，進一步證明客戶將 AI 視為策略優先事項，並將 CCC 視為長期科技合作夥伴。客戶買的不是一個模型。

They are buying business outcomes. They care about accuracy, efficiency customer experience and economic value. We believe the greatest value from AI comes when it is embedded directly in customer workflows and decision points. That is where CCC's combination of AI, proprietary data, ecosystem connectivity and deeply integrated workflows can help customers operate more efficiently and make more informed decisions. To understand why this matters, I'll walk you through two examples.

他們買的是業務成果。他們在意的是準確性、效率、客戶體驗與經濟價值。我們相信，AI 的最大價值來自於直接嵌入客戶的工作流程與決策節點。這正是 CCC 結合 AI、專有資料、生態系連結能力與深度整合工作流程的優勢所在，可協助客戶更有效率地營運並做出更明智的決策。為了說明其重要性，我將帶各位看兩個例子。

When a repair facility asks an insurer to approve a change to an estimate, the request triggers a review process that has historically been slow, manual and pass back and forth by [Ann]. CCC sits inside that exchange. As a result, customers can configure our AI-based tools based on their own rules and workflows and to automate routine request handling and route exceptions for review when appropriate. The result is fewer manual reviews, faster decisions when the review is needed, and greater efficiency, all without asking customers to change how they work, ensures selling claims faster, repair facilities move cars through their base more efficiently and drivers get back on the road sooner. Another example is parts.

當維修廠要求保險公司核准估價單的變更時，該請求會觸發一個審核流程；過去這個流程往往緩慢、仰賴人工，並由[Ann] 來回傳遞。CCC 就位於這個交換流程之中。因此，客戶可以依其自身規則與工作流程來設定我們的 AI 工具，自動化處理例行請求，並在適當時將例外情況導向人工審核。其結果是：人工審核次數更少、需要審核時決策更快、效率更高，而且不必要求客戶改變既有作業方式；這可讓保險理賠更快結案、維修廠更有效率地讓車輛進出廠，駕駛也能更快回到路上。另一個例子是零件。

CCC sits at the center of the parts procurement process, connecting OEMs and suppliers, insurers and repairers through a common platform. Nearly every major OEM now participates in CCC's parts network, and we are embedding AI throughout the procurement process, to out streamline sourcing workflows and reduce administrative effort.

CCC 位於零件採購流程的核心，透過共同平台連結 OEM 與供應商、保險公司與維修業者。目前幾乎所有主要 OEM 都已加入 CCC 的零件網路，而我們正把 AI 佈建到整個採購流程中，以精簡採購來源工作流程並降低行政作業投入。

By simplifying coordination across multiple participants and systems, CCC helps customers operate more efficiently while improving consistency and compliance with buyer policies. These are just two of dozens of essential business processes supported on the CCC platform. We help run day-to-day operations for over 900,000 users, powered by AI, trained on tens of millions of claims and refined through years of real-world use.

透過簡化跨多方參與者與系統的協作，CCC 協助客戶在提升效率的同時，改善一致性並符合買方政策的合規要求。以上僅是 CCC 平台所支援數十項關鍵業務流程中的兩個例子。我們協助超過 90 萬名使用者處理日常營運，由 AI 驅動，並以數千萬筆理賠資料訓練，且透過多年真實世界使用持續精進。

That combination of proprietary data and better decision points and ecosystem connectivity is difficult to replicate and helps make CCC the network of action for the insurance economy. My second theme is how this positioning is translating into strong customer and revenue momentum. The strongest evidence of customer confidence is what customers demonstrate through multiyear deployments, contract expansions and adoption of new workflows. Last quarter, we highlighted several important customer wins with Liberty Mutual at Allstate. Liberty Mutual decided to deploy a significant portion of this casualty business of the CCC platform and Allstate selected CCC for its third-party casualty operations.

這種專有資料、更佳的決策節點與生態系連結能力的組合，難以被複製，並有助於讓 CCC 成為保險經濟體的行動網路。我的第二個主題是：這樣的定位如何轉化為強勁的客戶與營收動能。客戶信心最有力的證據，體現在多年期部署、合約擴張以及新工作流程的採用。上一季，我們重點提到與 Liberty Mutual 及 Allstate 的幾項重要客戶斬獲。Liberty Mutual 決定將其相當大一部分的意外險（casualty）業務部署於 CCC 平台，而 Allstate 則選擇 CCC 來支援其第三方意外險營運。

This momentum continued during the second quarter with additional customer expansions and AI adoption milestones. For example, this quarter, we had two top 5 insurers, expand their use of CCC's AI-enabled claims workflows through their deployment of our First Look solution. One of these carriers added First Look in conjunction with a multiyear extension of its Auto Physical Damage solutions, while the other added it under an existing multiyear agreement.

這股動能在第二季持續延伸，帶來更多客戶擴張與 AI 採用里程碑。例如，本季我們有兩家前五大保險公司，透過部署我們的 First Look 解決方案，擴大使用 CCC 具 AI 功能的理賠工作流程。其中一家保險公司在多年期延長其汽車實體損害（Auto Physical Damage，APD）解決方案的同時加購 First Look；另一家則在既有的多年期協議下新增 First Look。

These wins highlight the operational value of the solution by identifying total loss earlier in the process insurers can reduce rental and storage costs, repair facilities can focus capacity on repairable vehicles and consumers receive faster claim resolution. In addition, last quarter, we highlighted a top 5 insurer that renewed and expanded its partnership with CCC through a new multiyear enterprise agreement covering our core APD platform and the full suite of AI-enabled APD solutions.

這些勝利凸顯該解決方案的營運價值：透過在流程更早階段辨識全損（total loss），保險公司可降低租車與倉儲成本；維修廠可將產能聚焦於可修復車輛；消費者則可更快完成理賠結案。此外，上季我們也提到一家前五大保險公司，透過一份新的多年期企業級協議，續約並擴大與 CCC 的合作，該協議涵蓋我們的核心 APD 平台以及完整的 AI 賦能 APD 解決方案組合。

This quarter, that same insurer further expanded its relationship with CCC, becoming the largest carrier yet to adopt our AI-powered subrogation solution with deployment, scaling rapidly. These decisions by the industry's largest carriers underscore a broader trend. Insurers are increasingly moving AI from pilot programs to production scale deployment across complex, high-value workflows where consistency and productivity matter most. Importantly, these deployments are occurring at renewal and mid-cycle. As customers gain confidence in the business value our solutions deliver, they're more frequently expanding their use of CCC's AI capabilities during existing contract terms.

本季，同一家保險公司進一步擴大與 CCC 的合作關係，成為迄今採用我們 AI 驅動代位求償（subrogation）解決方案的最大承保公司，且部署後迅速擴大規模。產業中最大型承保公司的這些決策，凸顯了一個更廣泛的趨勢。保險公司正愈來愈多地將 AI 從試點計畫推進到正式量產規模的部署，並擴展至複雜且高價值的工作流程，在這些流程中一致性與生產力最為關鍵。重要的是，這些部署發生在續約時點以及合約中期。隨著客戶對我們解決方案所帶來的業務價值更具信心，他們更常在既有合約期間內擴大使用 CCC 的 AI 能力。

We are seeing similar adoption trends across repair facilities, especially large multi-store operators or MSOs. The second quarter, we renewed and expanded our multiyear agreement with one of the nation's largest independent collision repair operators. This MSO has been a leader in adopting AI technology across its (inaudible) and was the first MSO to adopt Mobile Jumpstart back in 2025.

我們在維修廠也看到類似的採用趨勢，尤其是大型多據點營運商（multi-store operators，MSO）。在第二季，我們與全美最大的獨立碰撞維修營運商之一續約並擴大了我們的多年期協議。該MSO一直是其（聽不清）中採用AI技術的領導者，並且早在2025年就成為首家採用Mobile Jumpstart的MSO。

Today, the organization uses Jumpstart to initiate approximately 98% of its repair estimates and is an early adopter of Mobile Jumpstart 2.0 which leverages a genic AI to support faster, more consistent estimate creation. These investments reflect the organization's continued commitment using AI-enabled workflows to improve efficiency, support teammates and enhance the consumer experience.

目前，該組織使用Jumpstart來啟動約98%的維修估價，並且是Mobile Jumpstart 2.0的早期採用者；該版本運用代理式AI（agentic AI）以支援更快速、更一致的估價建立。這些投資反映出該組織持續致力於運用AI賦能的工作流程來提升效率、支援團隊成員並強化消費者體驗。

We are seeing strong adoption of AI-based solutions across other large MSOs as well, including double-digit increases and participating repair facilities and estimates initiated through Jumpstart. Importantly, this adoption is occurring across some of the industry's largest repair organizations, reinforcing our view that AI-enabled workflows are becoming embedded in day-to-day operations at enterprise scale.

我們也看到其他大型MSO對AI解決方案的採用相當強勁，包括參與的維修廠數量以及透過Jumpstart啟動的估價單均出現兩位數成長。重要的是，這種採用正在一些產業中最大的維修組織中發生，進一步印證我們的看法：AI賦能的工作流程正以企業級規模嵌入日常營運。

Taken together, these examples demonstrate how AI adoption is moving beyond pilots into production across the industry's largest and most sophisticated insurers and repair organizations. Because these organizations typically conduct extensive testing before deploying new technologies at scale, their move from evaluation to enterprise-wide adoption provides a powerful signal to the rest of the industry that AI-enabled workflows are delivering measurable business value. My third theme is how solving for rising complexity gives us confidence in CCC's long-term growth opportunity.

綜合來看，這些例子顯示AI採用正從試點走向在產業中最大、最成熟的保險公司與維修組織中的正式上線（production）。由於這些組織通常會在大規模部署新技術前進行廣泛測試，因此其從評估走向全企業採用，向產業其他參與者釋放出強烈訊號：AI賦能的工作流程正在帶來可衡量的商業價值。我的第三個主題是：解決日益上升的複雜性如何讓我們對CCC的長期成長機會更具信心。

Every claim creates its own supply chain, towing, diagnostics, part sourcing, repair, calibration, rent, medical care, payments and subrogation, coordinated across insurers, repairs, suppliers, OEMs and consumers. As vehicles, medical procedures and regulatory requirements continue to evolve and become more complex, orchestrating that ecosystem is becoming more challenging. That is where CCC's platform becomes even more valuable. Customers want integrated solutions that bring participants together to solve shared business problems. As a result, the ability to help participants coordinate across the ecosystem is becoming a more important strategic differentiator.

每一件理賠都會形成其自身的供應鏈：拖吊、診斷、零件採購、維修、校準、租車、醫療照護、付款與代位求償（subrogation），並需在保險公司、維修廠、供應商、OEM與消費者之間協同運作。隨著車輛、醫療程序與法規要求持續演進且更為複雜，協調這個生態系變得更具挑戰。這正是CCC平台更顯價值之處。客戶希望有整合式解決方案，能把各方參與者聚集起來共同解決共享的商業問題。因此，協助各方在生態系中進行協同的能力，正成為更重要的策略性差異化因素。

Over the past five years, we have invested heavily in building a robust partner ecosystem. Today, we work with more than 250 ecosystem partners across the insurance economy, helping our over 35,000 customers navigate more complex workflows while maintaining consistent processes. These partner relationships span over 20 different business areas ranging from towing and salvage to consumer engagement.

過去五年，我們大力投資打造強健的合作夥伴生態系。目前，我們與保險經濟體中的250多家生態系夥伴合作，協助我們超過35,000名客戶在維持一致流程的同時，因應更複雜的工作流程。這些夥伴關係涵蓋20多個不同業務領域，從拖吊與報廢車處置（salvage）到消費者互動皆包含在內。

One example of how connected workflows are creating value is our partnership with Sunbit, which offers consumers an integrated financing option when they drop off their vehicles for repair. As insurance deductibles and repair costs continue to increase, this solution can help consumers manage out-of-pocket expenses while enabling repair facilities to convert more estimates into repair orders because the financing option is embedded directly into the repair workflow, consumers can access financing at the point of service without leaving the process.

連結式工作流程創造價值的一個例子，是我們與Sunbit的合作；Sunbit在消費者將車輛送修時提供整合式融資選項。隨著保險自負額與維修成本持續上升，這項解決方案可協助消費者管理自付費用，同時也讓維修廠能將更多估價轉換為維修工單；因為融資選項直接嵌入維修工作流程中，消費者可在服務現場取得融資，而無需離開流程。

We have seen rapid adoption since launching the solution in April with more than 2,000 shops onboarded and millions of dollars financed. In addition, one of the nation's largest MSOs has deployed the solution across its coast-to-coast network.

自4月推出該解決方案以來，我們看到快速採用，已有超過2,000家店家完成導入，並促成數百萬美元的融資金額。此外，全美最大的MSO之一已在其橫跨全國的網路中部署該解決方案。

Another example is our work with Tempus, a partner that helps insurers analyze, evaluate and resolve medical claims, rather than requiring adjusters to lead their claims workflow and engage separate vendors, these services are integrated directly into CCC's platform, allowing referrals, reviews and outcomes to flow automatically through the process. Today, approximately 20 carriers use the integrated solution, including multiple top 10 insurers. A third example of how CCC helps coordinate increasingly specialized repair workflows is our expanding network of diagnostics partners.

另一個例子是我們與Tempus的合作。Tempus協助保險公司分析、評估並處理醫療理賠；不再需要理賠人員主導其理賠工作流程並另外對接不同供應商，這些服務可直接整合到CCC平台中，使轉介、審查與結果能在流程中自動流轉。目前約有20家保險公司使用此整合式解決方案，其中包含多家前十大保險公司。第三個例子，展現CCC如何協調日益專業化的維修工作流程，是我們持續擴大的診斷合作夥伴網路。

Diagnostic scans after an accident are key to modern vehicle repair, which often requires coordination among insurers, repair facilities, diagnostic providers, OEMs and parts suppliers, each with information the others need to make decisions. Today, we work with 10 diagnostics partners across the ecosystem.

事故後的診斷掃描是現代車輛維修的關鍵，而這通常需要在保險公司、維修廠、診斷服務提供者、OEM與零件供應商之間協調；各方都掌握他方做決策所需的資訊。目前，我們在整個生態系中與10家診斷合作夥伴合作。

Our diagnostic solutions helped create greater consistency in reporting improve scan verification and increased transparency between repairs and insurers. OEM customers have strongly endorsed these capabilities as critical to both repair quality and vehicle safety. In addition, several OEMs have extended their relationships with CCC through connected car initiatives such as our Accident Advisor solution which helps create a more seamless experience for drivers following an accident.

我們的診斷解決方案有助於提升報告一致性、改善掃描驗證，並增加維修廠與保險公司之間的透明度。OEM客戶強力肯定這些能力，認為其對維修品質與車輛安全都至關重要。此外，數家OEM也透過互聯車（connected car）計畫（例如我們的Accident Advisor解決方案）延伸與CCC的合作關係，該方案可在事故後為駕駛提供更無縫的體驗。

As you can see from the examples we've discussed today, CCC is becoming the network of action for the insurance economy. For the past several years, we have developed the core components of the network across Auto Physical Damage, casualty, subrogation and adjacent works.

從我們今天討論的例子可以看出，CCC正逐步成為保險經濟體的行動網路（network of action）。過去幾年，我們已在汽車實體損害（Auto Physical Damage，APD）、意外傷害（casualty）、代位求償（subrogation）以及相鄰工作流程等領域，建構了該網路的核心組件。

As customers shift their AI expectations and deployments from insight generation to operational execution, we see opportunities for agentic orchestration to connect our deeply embedded workflows, improved coordination, streamline operations and help our customers create better outcomes across the insurance economy. In closing, the common threat we see across all three themes is that customers are operationalizing AI through trusted workflows that connect the insurance economy. AI adoption, customer momentum and rising complexity are reinforcing one another, strengthening CCC's leadership position and creating additional opportunities for growth.

隨著客戶對AI的期待與部署從洞察生成轉向營運執行，我們看到代理式編排（agentic orchestration）的機會，可連結我們深度嵌入的工作流程、改善協同、精簡營運，並協助客戶在整個保險經濟體中創造更佳成果。總結而言，我們在三個主題中看到的共同脈絡是：客戶正透過可信賴、可連結保險經濟體的工作流程來將AI落地於營運。AI採用、客戶動能與日益上升的複雜性彼此相互強化，鞏固CCC的領導地位並創造更多成長機會。

As AI becomes more deeply embedded in day-to-day claims operations, the value of CCC's trusted workflows, ecosystem connectivity and decision enabling capabilities continues to increase. We believe these trends position CCC to deepen customer relationships, expand our role across the insurance economy and create long-term value for customers and shareholders alike. Taken together, they reinforce our confidence in the durability of our business and the long-term growth opportunity ahead.

隨著AI更深度嵌入日常理賠營運，CCC可信賴的工作流程、生態系連結能力與決策支援能力的價值持續提升。我們相信，這些趨勢將使CCC能深化客戶關係、擴大我們在保險經濟體中的角色，並為客戶與股東共同創造長期價值。綜合而言，這些因素強化了我們對公司業務韌性與長期成長機會的信心。

With that, I'll turn the call over to Rod.

接下來，我把電話會議交給Rod。

Thanks, Githesh. As Gitesh outlined, Q2 was a solid quarter with revenue growth and profitability ahead of expectations. We continue to see momentum in the adoption of our AI-based solutions across many of our large clients. Now turning to the numbers. I'll review our second quarter '26 results and then provide guidance for the third quarter and full year.

謝謝你，Githesh。如Gitesh所述，第二季表現穩健，營收成長與獲利能力均優於預期。我們持續看到許多大型客戶在採用我們AI解決方案方面的動能。現在來看數字。我將回顧我們2026年第二季的業績，並提供第三季與全年指引。

Total revenue in the second quarter was $286 million, up 10% from Q2 2025 and above the high end of our revenue guidance range. Of the 10% growth, approximately 7.5 points was driven by cross-sell, upsell and the adoption of our AI solutions across our client base. About 2.5 points of growth came from new logos. In the quarter, revenue from AI-based solutions contributed 4 points of growth. This was primarily driven by our APD solutions, subrogation and EvolutionIQ. AI-based solutions continue to represent an important and expanding part of our portfolio, accounting for approximately 11% of total revenue in the second quarter and growing approximately 45% year-over-year.

第二季總營收為2.86億美元，較2025年第二季成長10%，並高於我們營收指引區間的上緣。在這10%的成長中，約7.5個百分點來自交叉銷售、加值銷售，以及我們AI解決方案在客戶群中的採用。約2.5個百分點的成長來自新客戶（new logos）。本季，AI解決方案營收貢獻了4個百分點的成長。這主要由我們的APD解決方案、代位求償（subrogation）以及EvolutionIQ所帶動。AI解決方案持續是我們產品組合中重要且不斷擴大的部分，第二季約占總營收的11%，年增約45%。

Now turning to our key metrics for software gross dollar retention or GDR and software net dollar retention, or NDR. GDR captures the amount of revenue retained for our client base compared to the prior year period. In Q2 2026, our GDR was 98%, in line with last quarter. Please note that since we started reporting this metric five years ago, GDR has been between 98% and 99% and have either rounded up or rounded down primarily because of the churn in the repair shop industry.

接著看我們的關鍵指標：軟體毛美元留存率（gross dollar retention，GDR）與軟體淨美元留存率（net dollar retention，NDR）。GDR衡量的是相較於去年同期，我們在既有客戶群中保留的營收金額。在2026年第二季，我們的GDR為98%，與上季持平。請注意，自我們五年前開始揭露此指標以來，GDR一直介於98%至99%之間；之所以會四捨五入上調或下調，主要是因為維修店產業的客戶流失（churn）。

We view the consistency of this metric as evidence of the value we deliver and the multiple benefits of participating in the CCC network. Our strong GDR is a core tenet of our predictable and resilient revenue model. Net dollar retention captures an 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 Q2 2026, our NDR was 107 and in line with Q1 2026 and up from the full year 2025 level of 106%. Now I'd like to review the income statement in more detail.

我們將此指標的一致性視為我們所交付價值的證據，以及參與 CCC 網路所帶來多重效益的體現。我們強勁的 GDR 是我們可預測且具韌性的營收模式之核心信條。淨美元留存率反映我們相較於前一年同期，從既有客戶取得的交叉銷售與加購（upsell）金額，以及我們汽車實體損害（auto physical damage）客戶基礎中的承保量變動。在 2026 年第二季，我們的 NDR 為 107，與 2026 年第一季一致，並高於 2025 全年 106% 的水準。接下來我想更詳細地檢視損益表。

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 was $217 million in the quarter, with an adjusted gross margin of 76% and which is down modestly from 77% last quarter and from 78% from a year ago. The underlying economics of the business continues to demonstrate leverage and scalability. We remain confident in our ability to progress towards our long-term target of approximately 80% as newer solution revenue scale and offset recent investments.

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。本季調整後毛利為 2.17 億美元，調整後毛利率為 76%，較上季 77% 及去年同期 78% 略為下降。該業務的基本經濟性持續展現槓桿效應與可擴展性。隨著較新的解決方案營收規模擴大並抵銷近期投資，我們仍有信心朝約 80% 的長期目標推進。

In terms of expenses, Q2 2026 adjusted operating expenses were $116 million, up 7% year-over-year, which was due to higher resource-related expenses, professional service fees and technology investments. Adjusted EBITDA for the quarter was $115 million, up 7% year-over-year and above the high end of our guidance range. Adjusted EBITDA margins were 40% and down about 110 basis points year-over-year. However, when you normalize for a $2 million onetime benefit related to the exit of a tender relationship in Q2 of 2025, margins were roughly flat year-over-year. Through the first half of 2026, adjusted EBITDA margins were 41.6%, up about 110 basis points year-over-year and up about 150 basis points excluding the vendor benefit.

在費用方面，2026 年第二季調整後營業費用為 1.16 億美元，年增 7%，主要因資源相關費用、專業服務費以及技術投資增加。本季調整後 EBITDA 為 1.15 億美元，年增 7%，且高於我們指引區間的上緣。調整後 EBITDA 利潤率為 40%，年減約 110 個基點。然而，若將 2025 年第二季因退出一項招標合作關係而帶來的 200 萬美元一次性利益予以正常化處理，利潤率約與去年同期持平。2026 年上半年，調整後 EBITDA 利潤率為 41.6%，年增約 110 個基點；若排除該供應商利益，則年增約 150 個基點。

Stock-based compensation as a percent of revenue was 11% in Q2 of 2026, consistent with Q1 of '26 and Q4 2025. We now expect full year stock-based compensation in 26 to be in the range of 11% to 12% of revenue, down from our earlier estimate of 13%. We are on a path to high single digits as we move into 2027.

2026 年第二季，以營收百分比計的股票基礎薪酬為 11%，與 2026 年第一季及 2025 年第四季一致。我們目前預期 2026 全年股票基礎薪酬將占營收 11% 至 12%，低於先前估計的 13%。隨著進入 2027 年，我們正朝高個位數百分比的路徑前進。

Now let's turn to the balance sheet and cash flow. We ended the quarter with $116 million in cash and cash equivalents and $1.3 billion of debt. At the end of the quarter, net leverage was 2.5 times adjusted EBITDA. Our track record of strong cash flow generation continued in Q2. We generated $82 million in free cash flow during the quarter compared to $27 million in Q2 of 2025. On a trailing 12-month basis, free cash flow totaled $308 million, an increase of 36% year-over-year and free cash flow margin expansion of 500 basis points to 28% versus 23% a year ago. Approximately 200 basis points of this expansion was the result of favorable timing of tax payments as Q2 of 2026.

接著看資產負債表與現金流。本季末我們持有 1.16 億美元的現金及約當現金，並有 13 億美元的債務。季末淨槓桿為調整後 EBITDA 的 2.5 倍。我們強勁的現金流產生能力在第二季持續展現。本季我們產生 8,200 萬美元自由現金流，對比 2025 年第二季的 2,700 萬美元。以過去 12 個月計，自由現金流合計 3.08 億美元，年增 36%；自由現金流利潤率擴張 500 個基點至 28%，高於一年前的 23%。其中約 200 個基點的擴張來自稅款支付時點有利（發生在 2026 年第二季）。

We are [admitted] to existing capital allocation framework that balances investment in the business, balance sheet strength and the return of excess capital to shareholders in order to drive long-term shareholder value. Our strong cash flow generation provides us with significant flexibility to execute against these priorities while maintaining a prudent leverage profile.

我們[admitted]於既有的資本配置框架，在投資業務、維持資產負債表強度，以及將多餘資本回饋股東之間取得平衡，以推動長期股東價值。我們強勁的現金流產生能力，讓我們在維持審慎槓桿水準的同時，具備相當大的彈性來落實這些優先事項。

I'll now turn to guidance. For Q3 2026, we expect revenue of $289.5 million to $291.5 million, which represents 9% growth year-over-year at the midpoint. We expect adjusted EBITDA of $118 million to $120 million a 41% adjusted EBITDA margin at the midpoint.

接下來我將說明財測指引。對於 2026 年第三季，我們預期營收為 2.895 億至 2.915 億美元，以中位數計年增 9%。我們預期調整後 EBITDA 為 1.18 億至 1.20 億美元，以中位數計調整後 EBITDA 利潤率為 41%。

For the full year 2026, we expect revenue of $1.158 billion to $1.164 billion which represents approximately 10% year-over-year growth at the midpoint. For adjusted EBITDA, we expect $485 million to $491 million, which implies a 42% adjusted EBITDA margin at the midpoint. So 3 points to keep in mind as we think about the Q3 and full year guide. We have nearing and raised the midpoint of our full year revenue growth guidance range from 9% to 10% to 9.5% to 10%, reflects Q2's solid performance and the momentum we continue to see across the business. Second, the guide implies year-over-year revenue growth for Q3 and Q4 of about 9%.

對於 2026 全年，我們預期營收為 11.58 億至 11.64 億美元，以中位數計約年增 10%。調整後 EBITDA 方面，我們預期為 4.85 億至 4.91 億美元，意味著以中位數計調整後 EBITDA 利潤率為 42%。因此，在看待第三季與全年指引時，有三點需要留意。我們已接近並上調全年營收成長指引區間的中位數，從 9% 至 10% 上調至 9.5% 至 10%，反映第二季穩健表現以及我們在整體業務上持續看到的動能。第二，該指引意味著第三季與第四季的營收年增約為 9%。

This is consistent with the guidance we provided in April. This reflects approximately 1 point of headwind from the roll-off of legacy first-party cat fleet business we discussed last quarter. Third, our guidance reflects continued progress on our margin expansion objectives. For the second half of 2026, adjusted EBITDA margin is expected to be approximately 42.5%, up roughly 50 basis points year-over-year. As a reminder, we manage the business to full year profitability objectives an individual quarter can be affected by the timing of investment activities and expenses relative to prior quarter and prior year.

這與我們在四月提供的指引一致。其中反映約 1 個百分點的逆風，來自我們上季討論的傳統第一方 CAT 車隊業務逐步到期（roll-off）。第三，我們的指引反映在利潤率擴張目標上的持續進展。2026 年下半年，調整後 EBITDA 利潤率預期約為 42.5%，年增約 50 個基點。提醒一下，我們以全年獲利目標來管理業務；單一季度可能會受到投資活動與費用相較於前一季及前一年之時點差異影響。

At the high end of our full year guidance range, adjusted EBITDA margin expansion is expected to approach 100 basis points year-over-year and we remain confident in our ability to deliver continued margin expansion through operating leverage and disciplined expense management. In closing, we feel very good about the financial position of the business and the durability of our operating model.

在全年指引區間的上緣，調整後 EBITDA 利潤率擴張預期將接近年增 100 個基點；我們仍有信心透過營運槓桿與嚴謹的費用管理，持續實現利潤率擴張。最後，我們對公司財務狀況以及營運模式的耐久性（durability）感到非常有信心。

The continued growth of our AI-based solutions, which now represent approximately 11% of revenue and are growing substantially faster than the overall business, provides additional confidence in our ability to drive durable revenue growth over time. We delivered solid revenue growth and profitability while delivering exceptional free cash flow generation during the quarter and maintaining a prudent leverage profile. Our strong cash flow generation, reoccurring revenue model and disciplined expense management continue to provide meaningful financial flexibility as we invest in the business and execute against our long-term growth objectives.

我們以 AI 為基礎的解決方案持續成長，目前約占營收 11%，且成長速度顯著快於整體業務，這讓我們對於隨時間推進、驅動具持續性的營收成長更具信心。本季我們在實現穩健營收成長與獲利的同時，也創造了卓越的自由現金流，並維持審慎的槓桿水準。我們強勁的現金流產生能力、經常性營收模式，以及嚴謹的費用管理，持續在我們投資業務並推進長期成長目標時，提供具意義的財務彈性。

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

接線員，我們現在準備開始回答一些問題。謝謝。

(Operator Instructions)

(接線員指示)

Dylan Becker from William Blair.

William Blair 的 Dylan Becker。

Hey, everybody. Appreciate it. Maybe Githesh or Tim as well for you here. We talked a lot about customers looking to buy outcomes and their ability to now move to the deployment stage. You got evidence in the top 5 momentum you guys are seeing. But your perspective on how this validates kind of the value of your ecosystem? And maybe to the extent conviction in those outcomes being even more clear in conversations that you're having with large carriers kind of the conviction those large carriers have and continuing to progress down these conversations?

嗨，各位。感謝。也許請 Githesh 或 Tim 來回答。我們談了很多關於客戶希望購買「成果」（outcomes），以及他們現在能夠進入部署階段的能力。你們也在前五大客戶的動能中看到一些證據。但你們怎麼看這如何驗證你們生態系的價值？另外，在你們與大型保險公司（carriers）的對話中，這些成果是否變得更清晰、以及這些大型保險公司所抱持的信心程度，並且持續推進這些對話的情況如何？

Hey, Dylan, I think Tim was going to take this question.

嗨，Dylan，我想 Tim 會來回答這個問題。

Terrific. Thanks, Dylan. I really appreciate your question on this. So as Githesh alluded to in his comments, when carriers pick our solutions. They have done so after extensive testing of the -- typically, the AI solutions at this point.

太好了。謝謝你，Dylan。我非常感謝你提出這個問題。如同 Githesh 在評論中提到的，當保險公司選擇我們的解決方案時，他們通常是在進行了廣泛測試之後才做出選擇——就目前而言，多半是針對 AI 解決方案。

And you can imagine they want to make sure that they are getting real value for these, however they define value. And -- so what we're seeing is a rapid adoption of those because it's becoming clearer and clearer that the tools are robust and really generate value in the near term. But your second point is also important, which it connects broadly to the network. And Githesh in his comments highlighted an interaction between a repair facility and insurer, which is much more efficient because of our tools. And so that would be an example of the value that gets created.

你可以想像，他們希望確保自己確實從這些產品中獲得真正的價值，不論他們如何定義價值。因此——我們看到這些產品被快速採用，因為愈來愈清楚的是，這些工具很穩健，並且在短期內確實能創造價值。但你第二點也很重要，因為它更廣泛地連結到網路效應。Githesh 在他的評論中強調了維修廠與保險公司之間的互動，因為我們的工具而變得更有效率。因此，那會是一個被創造出來的價值的例子。

So you're absolutely right. What we're seeing is focus on the value creation for the -- all of our customers in the system and that we're demonstrating that value, and that is leading to the increased adoption that you're seeing across our various products and across the whole ecosystem. I hope that's helpful.

所以你說得完全正確。我們看到的是，聚焦於為系統內我們所有客戶創造價值，而且我們正在證明這個價值；這也正帶動你所看到的、在我們各項產品以及整個生態系中的採用率提升。希望這對你有幫助。

Yeah, very much so. Thank you, Tim. And then maybe if I could follow up on that, too. I appreciate the disclosure around AI being 11% of the business and growing kind of 45%, so very clear on that pace of adoption. But I guess -- just if we think about kind of the internal change management components, customers kind of committing and signing up for these products, but how quickly can they actually deploy and ramp those deployments, maybe more importantly? And as we think about that, the near-term implications as that ramp builds relative to kind of the long-term visibility you have once that gets to a broader deployment.

是的，非常有幫助。謝謝你，Tim。那我也許可以再追問一下。我很感謝你們揭露 AI 目前占業務的 11%，且成長約 45%，所以採用速度很清楚。但我想——如果我們從內部變革管理的角度來看，客戶承諾並簽約採用這些產品之後，他們實際上能多快部署並把部署規模拉升（也許更重要）？以及在我們思考這點時，隨著這個拉升逐步建立，短期的影響相對於一旦擴大部署後你們所能看到的長期能見度，應該如何看待？

Yeah, sure. Look, this is the benefit of having done this for a very long period of time, right? We are 10 years into our AI journey. And we have been working with many of our customers with our first commercial rollout in -- five years ago. So we've been working closely with customers and this is where your earlier point that you made about outcomes are extraordinarily important.

好的，當然。你看，這就是我們長期做這件事的好處，對吧？我們的 AI 旅程已經走了 10 年。而且我們在——五年前——第一次商業化上線後，就一直與許多客戶合作。因此我們一直與客戶緊密合作，而你先前提到的「成果」在這裡極其重要。

Because just having an AI versus delivering actual cycle time reduction, customer experience differences, efficiency gains, so our customers have actually tested, deployed and have gained confidence because we have literally tens of thousands of users who have now gotten more comfortable with our AI and the results it's producing. And as a result, as our customers have gone through the extensive pilots that Tim talked about in evaluations, they're also starting to look at how do I deploy this?

因為不只是擁有 AI，而是要交付實際的處理週期縮短、客戶體驗的差異、效率提升；所以我們的客戶其實已經測試、部署，並建立信心，因為我們確實已有數以萬計的使用者，對我們的 AI 以及它所產生的結果愈來愈熟悉。因此，當客戶完成 Tim 所提到的、在評估中進行的大量試點後，他們也開始思考：我要如何部署它？

How do I deploy this? What changes should I make to my process? And we've also made significant investments in our go-to-market teams in terms of change management, how we execute the change management. As a result, you are seeing our AI starting to generate a larger and larger percentage of our growth, it is all of those things exactly as you pointed out, working in concert.

我要如何部署它？我應該對流程做哪些改變？我們也在上市推廣（go-to-market）團隊上做了重大投資，特別是在變革管理以及如何執行變革管理方面。因此，你會看到我們的 AI 開始為我們的成長貢獻愈來愈高的比例；正如你指出的，這些因素都在協同作用。

Thank you, guys.

謝謝各位。

Tyler Radke, Citi.

Citi 的 Tyler Radke。

Good morning. Thank you for taking the question here. So you talked about the back half guidance in Q4, specifically implying about 9% exit rate, and I know there's some moving pieces there, adjusting for some parts of the portfolio. But how should we think about how you're looking at the underlying momentum of the business heading into next year? And I guess what I'm wondering, I mean, obviously, the AI momentum, 45% growth is very healthy.

早安。謝謝讓我在這裡提問。你們談到第四季下半年指引，特別是隱含約 9% 的期末（exit）成長率，我知道其中有一些變動因素，會針對投資組合的某些部分做調整。但我們應該如何看待你們在進入明年時，對業務基本動能的判斷？我想我在想的是，當然，AI 動能、45% 的成長非常健康。

So at what point do you think that gets us back to sort of a double-digit growth profile and as you think about the conversations and pipeline that you're having with your customers around AI, do you think 2027 is the year we really start to see it meaningfully accelerate the top line? Or -- or maybe that's still a bit too early. I just would love your thoughts there.

那你們認為在什麼時間點，這會讓我們回到某種雙位數成長的型態？以及當你們思考與客戶就 AI 的對話與管線時，你們是否認為 2027 年會是我們真正開始看到它對營收有意義地加速的一年？或者——或者也許那仍然有點太早。很希望聽聽你們的看法。

I'm going to turn it over to Katie to take that one.

我把這題交給 Katie 來回答。

Hey, Tyler. Yeah, I think when you look at the performance of the business right now, we've seen meaningful growth acceleration this year. So if you think about last year, organic revenue growth was 7%. Now we're guiding to 10%. That's all organic growth for the full year. Our AI revenue is contributing in a more meaningful way.

嗨，Tyler。是的，我想當你看目前業務表現時，我們今年確實看到顯著的成長加速。所以如果你回想去年，有機營收成長是 7%。現在我們指引到 10%。這是全年全部的有機成長。我們的 AI 營收正在以更有意義的方式做出貢獻。

But the core remains very consistent. So I think you are seeing that play through. The dynamics that we're seeing in the second half of the year, there's really no change to the underlying growth profile of the business other than we've talked about the 1 point of headwind from the transition of the casualty customer.

但核心業務仍然非常一致。所以我認為你正在看到這點逐步反映出來。我們在下半年看到的動態，除了我們談到的、因傷害險（casualty）客戶轉換帶來 1 個百分點的逆風之外，業務的基本成長輪廓並沒有真正改變。

So if you normalize that in the second half, you're still looking at a 10% growth for the guide that we expect. We're not going to guide or provide expectations for 2027 at this point in time, but we feel really good about the momentum of the business and how our solutions both across the core the core side as well as the AI of being able to deliver solid growth as we go forward.

所以如果你在下半年把那個因素正常化，你仍然會看到我們預期指引所對應的 10% 成長。我們目前不會對 2027 年提供指引或預期，但我們對業務動能感到非常樂觀，也相信我們的解決方案——無論是核心端，或是 AI——都能在未來持續帶來穩健成長。

Thank you.

謝謝。

Alex Gogolev, JPMorgan.

JPMorgan 的 Alex Gogolev。

This is [Bala Kanon] on for Alex. So just zooming in on the roughly 4 points of growth coming from AI this quarter, just breaking that down, how much is that coming from deeper rollout or through customers that are already live versus new module attach? And which of those two factors do you expect to be the larger driver in the back half?

我是代替 Alex 的 [Bala Kanon]。我們把焦點放在本季約有 4 個百分點的成長來自 AI；若要拆解一下，其中有多少來自既有已上線客戶的更深度推廣（rollout），相對於新增模組的加掛（attach）？而在下半年，你們預期這兩個因素哪一個會是更大的驅動力？

Your line was breaking up a little bit. I think you were looking for more color around the 4% growth and whether that's coming from either existing customers or new customers adopting new modules, the short answer is both. We're seeing both, right? Existing customers expanding, adding new solutions, like, for example, a large top 5 carrier that we announced not only renewed all of their core solutions, but added a brand-new AI solution, that will start getting added. In the first quarter, we talked about a customer at a very large customer that renewed all our core but then start -- and then added a whole layer of our full suite of AI.

你的線路有點斷斷續續。我想你是在問，關於這 4% 的成長，更多是來自既有客戶，還是新客戶採用新模組；簡短答案是兩者都有。我們兩者都看到，對吧？既有客戶在擴張、加入新的解決方案；例如，我們宣布的一家前五大保險公司，不僅續約了他們所有核心解決方案，還新增了一個全新的 AI 解決方案，接下來會開始逐步貢獻。第一季我們談到一位非常大型的客戶，續約了我們所有核心，然後開始——並且加購了我們完整 AI 套件的一整層。

In the second quarter, we saw that customer actually now at our subrogation solution. So the answer -- the short answer is customers are continuing to convert from evaluations and pilots as well as adding some of our newer solutions like First Look and (inaudible) and some of our newer solutions.

第二季，我們看到該客戶現在實際上也採用了我們的代位求償（subrogation）解決方案。所以答案——簡短答案是：客戶持續從評估與試點轉換為正式採用，同時也在加購我們一些較新的解決方案，例如 First Look 和（聽不清）以及其他一些較新的解決方案。

Got it. That's very helpful. Thank you.

了解。這非常有幫助。謝謝。

Chris Quintero, Morgan Stanley.

Morgan Stanley 的 Chris Quintero。

Hey, good morning. Thank you so much for taking the questions here. I wanted to ask about the better market motion and how you're thinking about that as it relates to your AI solutions. Really curious or really interesting to hear about how some of your customers obviously are adopting those solutions at renewal, but also some are doing it mid-cycle. So just curious how you're thinking about targeting those customers, which ones to target first and how that goes forward.

嗨，早安。非常感謝讓我提問。我想問的是更好的市場推進方式（market motion），以及你們如何思考它與 AI 解決方案之間的關係。聽到有些客戶顯然在續約時採用這些解決方案，但也有一些是在合約週期中途採用，這點很有意思。所以我想了解你們如何思考鎖定這些客戶：先鎖定哪些客戶，以及未來如何推進。

Thanks so much for this question. What we're seeing with our customers, a couple of things just to build on what Githesh just commented on. For many of our customers, they have our underlying workflow or estimating solutions, they have those traditional solutions. And what they're doing is they are adding on new AI solutions on top of those. So this is very important because what we're doing with our AI solutions is building on the strength of the platform we already have.

非常感謝這個問題。就我們從客戶端看到的情況而言，有幾點可以延伸 Githesh 剛才的評論。對於許多客戶來說，他們已經採用我們底層的工作流程或估算解決方案，也就是那些傳統解決方案。而他們正在做的是在這些解決方案之上再加上新的 AI 解決方案。這點非常重要，因為我們的 AI 解決方案是在既有平台優勢之上持續建構。

as opposed to trying to replace or in any way, cannibalize that growth. So AI solutions are additive to what we are doing. And what happens, as has been alluded to in the past couple of quarters is we're seeing a lot of carriers at renewal, do exactly that, adding on the AI solutions. But as your question also suggests we are seeing carriers get through the testing of the additional AI solutions often before they renew and they want to capture that value right away. So what we're seeing and was alluded to in some of the examples today, for example, subrogation, we're seeing new add-ons that are separate from the renewal.

而不是試圖取代，或以任何方式侵蝕那部分成長。因此，AI 解決方案是對我們現有作為的增量補強。而且，正如過去幾季所提到的，我們看到許多保險公司在續約時正是這麼做——加購 AI 解決方案。但如同你的問題所暗示的，我們也看到保險公司往往在續約之前就完成了額外 AI 解決方案的測試，並希望立刻取得其價值。因此，我們看到的情況——也如今天一些例子所提到的，例如代位求償——是出現了與續約分開的新加購項目。

So it is a parallel go-to-market motion. It is adding on AI at the time of renewal and adding on AI in between renewal cycles because of the value that those products are created. So that's -- we're seeing both elements of what you just described.

所以這是一種平行的市場推進模式。也就是在續約時加購 AI，同時也會在續約週期之間加購 AI，因為這些產品所創造的價值。因此，你剛才描述的兩個面向，我們都正在看到。

Helpful. Thank you su mouch.

很有幫助。非常感謝。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Hi, this is Adam on for Shlomo. Could you discuss the legacy EIQ the legacy EIQ business performing in terms of sales, implementations and the pipeline to cross-sell with existing clients? Thanks.

你好，我是代 Shlomo 發言的 Adam。能否談談傳統 EIQ（legacy EIQ）業務在銷售、導入（implementations）以及與既有客戶交叉銷售的管線方面的表現？謝謝。

Sure. Look, it continues to be solid. We are -- feel good about the acquisition and the other exciting thing about EIQ is apart from the fact that it's now expanded our solutions into the disability market, both for large carriers as well as some of the private insurer private employers. So we see that expansion. That's been great.

當然。你看，它的表現仍然穩健。我們——對這次收購感到滿意；而 EIQ 另一個令人振奮之處是，除了它現在已將我們的解決方案擴展到失能（disability）市場之外，這同時涵蓋大型保險公司以及部分私人保險機構、私人雇主。所以我們看到了這樣的擴張。這非常好。

But more exciting and maybe as exciting is the fact that we are now -- have built new products using that core technology, especially for our casualty operations. It's a solution called Medhub which uses a synthesis capability to synthesize and provide guidance for very complex medical claims for auto as opposed to disability and that is also being very well received by our customer base. Hope that answered the question.

但更令人振奮、也許同樣令人振奮的是，我們現在——已經利用那項核心技術打造了新產品，特別是用於我們的意外險（casualty）業務。這是一個名為 Medhub 的解決方案，它運用彙整（synthesis）能力，針對汽車（auto）而非失能領域的非常複雜醫療理賠，進行彙整並提供指引；而且在我們的客戶群中也獲得非常好的回響。希望這回答了你的問題。

Yeah, thank you.

是的，謝謝。

Bill McNamara, [Encore ISS]

Bill McNamara，[Encore ISS]

Hi, this is Bill on for Kirk and thanks for taking my question.. You highlighted your largest carrier win to date for the AI-enabled subrogation solutions. Can you discuss what differentiated CCC in that evaluation and whether you view this as an important reference customer that could accelerate adoption across the rest of the customer base?

你好，我是代 Kirk 發言的 Bill，謝謝讓我提問。你們強調了迄今為止在 AI 賦能的代位求償解決方案上，拿下了最大的一筆保險公司客戶。能否談談在該次評估中 CCC 的差異化優勢是什麼？以及你是否認為這是一個重要的標竿客戶（reference customer），可望加速其餘客戶群的採用？

Hi. Just to -- thank you for the question about subrogation. This is a bit of an esoteric area of insurance, which is this is where carriers communicate between each other about how to resolve a case or a claim that may have affected two different parties. And this is a process that has historically been quite manual in a lot of cases without a lot of really leading-edge technology.

你好。先——謝謝你關於代位求償的問題。這是保險中一個相對專門的領域，也就是保險公司彼此之間就如何解決可能影響兩個不同當事人的案件或理賠進行溝通。而在許多情況下，這個流程過去相當仰賴人工，缺乏真正前沿的技術。

And what we saw in this particular case is that this is a carrier who is looking to make sure that they could efficiently take in requests from other carriers, and they could resolve those as quickly as possible. And this is a classic example of where our AI solutions, not just in subrogation, throughout the claim because we have all aspects of the pictures and other things that happen in the claim that we can come up with insights about that allow for more rapid and more accurate resolution.

而我們在這個特定案例中看到的是，這家保險公司希望確保他們能夠有效率地接收其他保險公司的請求，並且盡可能快速地加以處理結案。這正是一個典型例子，說明我們的 AI 解決方案——不僅是在代位求償，在整個理賠流程中——因為我們掌握理賠中所有面向的照片與其他資訊，所以能產生洞見，讓結案更快速、更精準。

And that is a differentiator. It reflects not only the great use of AI, but it reflects the use of our whole network, our whole ecosystem to help provide insights and that's part of the distinctiveness of our product and part of the reason that we were able to create such great value for this particular carrier, and we are seeing a lot of momentum for this kind of solution in the market, absolutely.

而這就是差異化所在。這不僅反映了 AI 的出色運用，也反映了我們整個網路、整個生態系的運用來提供洞見；這是我們產品獨特性的一部分，也是我們能為這家特定保險公司創造如此高價值的原因之一。

And definitely a great reference, but also the point that Tim just made, which is this is the vital key difference between a point solution and a solution that integrates across the entire workflow.

而且它絕對是一個很好的標竿案例；同時也呼應 Tim 剛才提到的一點：這正是點狀解決方案（point solution）與能夠橫跨整個工作流程整合的解決方案之間，至關重要的差異。

Super helpful, thank you.

非常有幫助，謝謝。

Samad Samana, Jefferies.

Samad Samana，Jefferies。

Hello. This is [Joey] on for Samad. Congrats on the results and thank you for taking our question. Touching back on the full year adjusted EBITDA guide, it implies a steeper ramp in 4Q relative to 3Q. I know you mentioned impact from the timing of expenses. And just to further clarify, did some of the expenses from 2Q slip into 3Q causing that steeper 4Q XL? And is there any incremental color you can provide on the nature of those expenses? Thank you.

你好。我是代 Samad 發言的 [Joey]。恭喜本季成果，也謝謝你們回答我們的問題。回到全年調整後 EBITDA 指引，它暗示第 4 季相較第 3 季會有更陡峭的爬升。我知道你提到費用時點的影響。想再進一步釐清：是否有部分第 2 季的費用遞延到第 3 季，因而造成第 4 季看起來更陡的斜率？另外，你能否就這些費用的性質提供更多說明？謝謝。

It's important to note that when we look at margins, we generally look at them over the full year in that individual quarters. Things do move between quarters. We say in Q2, we have our Industry Conference that can affect margins. But when you look at the full year, we're still aren't track to deliver 100 basis points of expansion at the high end of the guide. And so I think year-to-date, we're showing 100 basis points improvement. So I think overall, one quarter a little being down a bit isn't a concern. We really look at the full year and for margin expansion.

需要注意的是，當我們看毛利率（margins）時，通常是以全年角度來看，而不是看單一季度。各季度之間確實會有移動。例如我們在第 2 季有產業年會（Industry Conference），可能會影響毛利率。但從全年來看，我們仍在軌道上，能在指引上緣達成 100 個基點的擴張。而且截至目前，我們已呈現 100 個基點的改善。所以整體而言，某一季稍微下滑一點並不是問題。我們真正關注的是全年以及毛利率擴張。

Understood. Thank you very much.

了解。非常感謝。

(Operator Instructions) This concludes our Q&A session. I would now like to turn it back to Githesh Ramamurthy for the closing remarks.

（接線員指示）我們的問答環節到此結束。接下來我想把時間交回給 Githesh Ramamurthy 作結語。

Hey, thank you very much for your questions. What I would do is if there was one takeaway from today's discussion, it is at the same trends reshaping our industry, our strengthening CCC's position within it. Our customers are operationalizing AI through trusted production scale workflows, they're deepening their commitments to solutions that deliver measurable business outcome and bottom line solving complexity. That is a huge part of it. So those three things those three trends, we think, are critical and which is why we remain excited about the opportunities in front of us.

嘿，非常感謝大家的提問。如果要從今天的討論帶走一個重點，那就是：在重塑我們產業的同樣趨勢之下，也正在強化 CCC 在其中的定位。我們的客戶正透過值得信賴、可在生產環境規模化的工作流程來落地 AI；他們也在加深對能帶來可衡量商業成果與底線效益、並能解決複雜性的解決方案之承諾。這是其中非常重要的一部分。因此，我們認為這三件事、這三個趨勢至關重要，也正因如此，我們對眼前的機會仍然感到振奮。

And I'd also like to take this opportunity to thank our customers, our shareholders and every CCCier who participates in helping make the company who we are today. Thank you for joining us today, and we look forward to keeping you updated in the future.

我也想藉此機會感謝我們的客戶、股東，以及每一位 CCC 同仁（CCCier），你們的參與讓公司成為今天的樣子。感謝各位今天加入我們，我們也期待未來持續向各位更新進展。

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

感謝各位參與今天的會議。本次活動到此結束。您現在可以掛線。