# EDGAR Filing Document

**Accession Number:** 0001818201
**File Stem:** 0001193125-25-257514
**Filing Date:** 2025-10
**Character Count:** 200051
**Document Hash:** 599060038e740190be2b60410c1a6021
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-257514.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001193125-25-257514

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CCC Intelligent Solutions Holdings Inc.
- **CENTRAL INDEX KEY:** 0001818201
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39447
- **FILM NUMBER:** 251432349

**BUSINESS ADDRESS:**
- **STREET 1:** 167 N. GREEN STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607
- **BUSINESS PHONE:** (800) 621-8070

**MAIL ADDRESS:**
- **STREET 1:** 167 N. GREEN STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dragoneer Growth Opportunities Corp.
- **DATE OF NAME CHANGE:** 20200714

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-Q

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☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **September 30,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ________________ to ________________** 

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CCC INTELLIGENT SOLUTIONS HOLDINGS INC.

**(Exact name of registrant as specified in its charter)**

------

---

| | | |
|:---|:---|:---|
| Delaware | 001-39447 | 98-1546280 |
| **(State or other jurisdiction** <br>**of incorporation or organization)** | **(Commission** <br>**File Number)** | **(IRS Employer** <br>**Identification No.)** |

---

---

| | |
|:---|:---|
| 167 N. Green Street**,** 9th Floor<br>Chicago**,** **Illinois** <br>**(Address Of Principal Executive Offices)** | 60607 <br>**(Zip Code)** |

---

**(**800**)** 621-8070

**Registrant's telephone number, including area code**

**Not Applicable**

**(Former name or former address, if changed since last report)**

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Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | CCCS | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 23 2025, 642,019,656 shares of common stock, $0.0001 par value per share, were issued and outstanding.

------

**CCC INTELLIGENT SOLUTIONS HOLDINGS INC.**

**Form 10-Q**

**For the Quarter Ended September 30, 2025**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>PART I. FINANCIAL INFORMATION</u>**](#part_i_financial_information)**`** | [**<u>PART I. FINANCIAL INFORMATION</u>**](#part_i_financial_information)**`** |  |
|  | [<u>Cautionary Statement Regarding Forward-Looking Statements</u>](#forward_looking_statements) | 3 |
| <br>Item 1. | <br>[<u>Financial Statements (Unaudited)</u>](#item_1_consolidated_financial_statements) | 5 |
|  | [<u>Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024</u>](#condensed_consolidated_balance_sheets) | 5 |
|  | [<u>Unaudited Condensed Consolidated Statements of Operations and Comprehensive</u>](#statements_of_operations)[<u>(Loss)</u>](#statements_of_operations)[<u>Income for the three and nine months ended September 30, 2025 and 2024</u>](#statements_of_operations) | 6 |
|  | [<u>Unaudited Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024</u>](#stockholders_equity_) | 7 |
|  | [<u>Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024</u>](#statements_of_cash_flows) | 9 |
|  | [<u>Notes to Condensed Consolidated Financial Statements</u>](#notes_to_condensed_consolidated) | 10 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_and_anal) | 30 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures about Market Risk</u>](#item_3_quantitative_qualitative_disclo) | 45 |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | 45 |

---

[**<u>PART II. OTHER INFORMATION</u>**](#part_ii_other_information)

---

| | | |
|:---|:---|:---|
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | 46 |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | 46 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities</u>](#item_2_unregistered_sales_of_equity) | 46 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | 46 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 46 |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | 46 |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | 47 |

---

------

**FORWARD-LOOKING STATEMENTS**

The section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" as well as other parts of this Quarterly Report on Form 10-Q contain "forward-looking statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, including those relating to the future financial performance and business strategies and expectations for our business. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include information concerning our possible or assumed future results of operations, client demand, business strategies, technology developments, financing and investment plans, competitive position, our industry and regulatory environment, potential growth opportunities and the effects of competition.

Important factors that could cause actual results to differ materially from our expectations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our revenues, the concentration of our customers and the ability to retain our current customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to negotiate with our customers on favorable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain and grow our brand and reputation cost-effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the execution of our growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of public health outbreaks, epidemics or pandemics on our business and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our projected financial information, growth rate and market opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the health of our industry, claim volumes, and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in the insurance and automotive collision industries, including the adoption of new technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•global economic conditions and geopolitical events, including the imposition of trade tariffs, supply chain disruption and inflationary pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition in our market and our ability to retain and grow market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to develop, introduce and market new enhanced versions of our solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our sales and implementation cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our research and development efforts to create significant new revenue streams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in applicable laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in international economic, political, social and governmental conditions and policies, including corruption risks in China and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our reliance on third-party data, technology and intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to protect our intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to keep our data and information systems secure from data security breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our customers' or the public's perceptions regarding the use of artificial intelligence ("AI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to acquire or invest in companies or pursue business partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to raise financing in the future and improve our capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our success in retaining or recruiting, or changes required in, our officers, key employees or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to expand or maintain our existing customer base; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to service our indebtedness.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will

------

be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described above and under the heading "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

------

**PART I. FINANCIAL INFORMATION**

**Item 1. Financial Statements (Unaudited)**

**CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share data)**

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $97141 | $398983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable—Net of allowances of $4,101 and $4,692 as of September 30, 2025 and December 31, 2024, respectively | 140702 | 106578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 38476 | 7743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | 22939 | 22373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 31422 | 28973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 330680 | 564650 |
| SOFTWARE, EQUIPMENT, AND PROPERTY—Net | 167960 | 172079 |
| OPERATING LEASE ASSETS | 36748 | 29762 |
| INTANGIBLE ASSETS—Net | 1033538 | 934278 |
| GOODWILL | 1956497 | 1417724 |
| DEFERRED FINANCING FEES, REVOLVER—Net | 1459 | 1743 |
| DEFERRED CONTRACT COSTS | 20594 | 18692 |
| EQUITY METHOD INVESTMENT | 10228 | 10228 |
| OTHER ASSETS | 33923 | 34062 |
| TOTAL | $3591627 | $3183218 |
| **LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $22633 | $18393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 73307 | 72543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 10010 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term licensing agreement—Net | 3413 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 7707 | 7658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 76450 | 44915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note payable to minority investor | 24446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 218046 | 154846 |
| LONG-TERM DEBT—Net | 971208 | 761053 |
| DEFERRED INCOME TAXES—Net | 180552 | 164844 |
| LONG-TERM LICENSING AGREEMENT—Net | 21855 | 24435 |
| OPERATING LEASE LIABILITIES | 52750 | 47235 |
| OTHER LIABILITIES | 17394 | 11303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1461805 | 1163716 |
| COMMITMENTS AND CONTINGENCIES (Notes 20 and 21) |  |  |
| MEZZANINE EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable non-controlling interest |  | 21679 |
| STOCKHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock—$0.0001 par; 100,000,000 shares authorized; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock—$0.0001 par; 5,000,000,000 shares authorized; 647,182,603 and<br> 629,207,115 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 3449971 | 3094182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1319140) | (1095227) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1074) | (1195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2129822 | 1997823 |
| TOTAL | $3591627 | $3183218 |

---

See notes to condensed consolidated financial statements.

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**CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME**

**(In thousands, except share and per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| REVENUES | $267120 | $238481 | $779136 | $698336 |
| COST OF REVENUES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues, exclusive of amortization of acquired technologies | 69779 | 54890 | 194050 | 160929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technologies | 4368 | 171 | 13105 | 8828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 74147 | 55061 | 207155 | 169757 |
| GROSS PROFIT | 192973 | 183420 | 571981 | 528579 |
| OPERATING EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 52947 | 49525 | 174639 | 148255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing | 44208 | 34347 | 135980 | 106254 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 47332 | 52918 | 162080 | 161247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 18512 | 17942 | 55536 | 53826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 162999 | 154732 | 528235 | 469582 |
| OPERATING INCOME | 29974 | 28688 | 43746 | 58997 |
| INTEREST EXPENSE | (18103) | (16379) | (52866) | (49434) |
| INTEREST INCOME | 1065 | 3343 | 4233 | 8435 |
| CHANGE IN FAIR VALUE OF WARRANT LIABILITIES |  |  |  | 14378 |
| OTHER INCOME (EXPENSE)—NET | 466 | (2587) | (6688) | 1606 |
| PRETAX INCOME (LOSS) | 13402 | 13065 | (11575) | 33982 |
| INCOME TAX (PROVISION) BENEFIT | (15373) | (8933) | 5143 | (9002) |
| NET(LOSS) INCOME INCLUDING NON-CONTROLLING<br> INTEREST | (1971) | 4132 | (6432) | 24980 |
| &nbsp;&nbsp;&nbsp;&nbsp;LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST |  | (1320) | (1276) | (3683) |
| NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT<br> SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS | $(1971) | $2812 | $(7708) | $21297 |
| Net (loss) income per share attributable to common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.00) | $0.00 | $(0.01) | $0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.00) | $0.00 | $(0.01) | $0.03 |
| Weighted-average shares used in computing net (loss) income per share<br> attributable to common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 631440015 | 615857231 | 635263670 | 608073087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 631440015 | 642404517 | 635263670 | 639069491 |
| COMPREHENSIVE (LOSS) INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income including non-controlling interest | (1971) | 4132 | (6432) | 24980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income—Foreign currency translation<br> adjustment | 83 | 117 | 121 | 26 |
| COMPREHENSIVE (LOSS) INCOME INCLUDING<br> NON-CONTROLLING INTEREST | (1888) | 4249 | (6311) | 25006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: accretion of redeemable non-controlling interest |  | (1320) | (1276) | (3683) |
| COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCC<br> INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS | $(1888) | $2929 | $(7587) | $21323 |

---

See notes to condensed consolidated financial statements.

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**CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY**

**(In thousands, except number of shares)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable** |  |  |  |  |  |  |  |  |
|  | **Non-Controlling** | **Preferred Stock—Issued and Outstanding** | **Preferred Stock—Issued and Outstanding** | **Common Stock—Issued and Outstanding** | **Common Stock—Issued and Outstanding** |  |  | **Accumulated** |  |
|  | **Interest** |  |  |  |  | **Additional** |  | **Other** | **Total** |
|  |  | **Number of** | **Par** | **Number of** | **Par** | **Paid-In** | **Accumulated** | **Comprehensive** | **Stockholders'** |
|  |  | **Shares** | **Value** | **Shares** | **Value** | **Capital** | **Deficit** | **Loss** | **Equity** |
| BALANCE—December 31, 2024 | $21679 |  | $— | 629207115 | $63 | $3094182 | $(1095227) | $(1195) | $1997823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  |  | 61048 |  |  | 61048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  |  |  | 330413 |  | 956 |  |  | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under<br> employee stock purchase plan |  |  |  | 174906 |  | 1650 |  |  | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon <br> vesting of RSUs—net of tax |  |  |  | 9095994 | 1 | (43472) |  |  | (43471) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of restricted stock awards <br> for business acquisition |  |  |  | 792174 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock for business <br> acquisition <sup>(1)</sup> |  |  |  | 26035603 | 3 | 250438 |  |  | 250441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock |  |  |  | (7000000) | (1) |  | (72274) |  | (72275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of redeemable non-controlling <br>&nbsp;&nbsp;&nbsp;&nbsp;interest | 1276 |  |  |  |  | (1276) |  |  | (1276) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of redeemable non-controlling <br> interest to note payable to minority investor | (22955) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  | (15) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (17421) |  | (17421) |
| BALANCE—March 31, 2025 |  |  |  | 658636205 | 66 | 3363526 | (1184922) | (1210) | 2177460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  |  | 45975 |  |  | 45975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  |  |  | 360029 |  | 1003 |  |  | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon <br> vesting of RSUs—net of tax |  |  |  | 986566 |  | (881) |  |  | (881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock |  |  |  | (10988327) | (1) |  | (100219) |  | (100220) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  | 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | 12960 |  | 12960 |
| BALANCE—June 30, 2025 | $— |  | $— | 648994473 | $65 | 3409623 | $(1272181) | $(1157) | $2136350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  |  | 39193 |  |  | 39193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  |  |  | 548441 |  | 1671 |  |  | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under<br> employee stock purchase plan |  |  |  | 424270 |  | 3394 |  |  | 3394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon <br> vesting of RSUs—net of tax |  |  |  | 1994729 |  | (3910) |  |  | (3910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock |  |  |  | (4779310) |  |  | (44988) |  | (44988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  | 83 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (1971) |  | (1971) |
| BALANCE—September 30, 2025 | $— |  | $— | 647182603 | $65 | $3449971 | $(1319140) | $(1074) | $2129822 |

---

<sup>(1)</sup> Issuance of common stock for business acquisition includes 10,356,096 of restricted shares of common stock subject to re-vesting requirements (see Note 17).

See notes to condensed consolidated financial statements.

------

**CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY**

**(In thousands, except number of shares)**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable** |  |  |  |  |  |  |  |  |
|  | **Non-Controlling** | **Preferred Stock—Issued and Outstanding** | **Preferred Stock—Issued and Outstanding** | **Common Stock—Issued and Outstanding** | **Common Stock—Issued and Outstanding** |  |  | **Accumulated** |  |
|  | **Interest** |  |  |  |  | **Additional** |  | **Other** | **Total** |
|  |  | **Number of** | **Par** | **Number of** | **Par** | **Paid-In** | **Accumulated** | **Comprehensive** | **Stockholders'** |
|  |  | **Shares** | **Value** | **Shares** | **Value** | **Capital** | **Deficit** | **Loss** | **Equity** |
| BALANCE—December 31, 2023 | $16584 |  | $— | 603128781 | $60 | $2909757 | $(1126467) | $(1073) | $1782277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  |  | 44971 |  |  | 44971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  |  |  | 3346599 |  | 8822 |  |  | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under<br> employee stock purchase plan |  |  |  | 194307 |  | 1833 |  |  | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon <br> vesting of RSUs—net of tax |  |  |  | 7588048 | 1 | (52581) |  |  | (52580) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of redeemable non-controlling <br> interest | 1142 |  |  |  |  | (1142) |  |  | (1142) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  | (75) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (597) |  | (597) |
| BALANCE—March 31, 2024 | 17726 |  |  | 614257735 | 61 | 2911660 | (1127064) | (1148) | 1783509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  |  | 40125 |  |  | 40125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  |  |  | 4518651 | 1 | 12823 |  |  | 12824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon <br> vesting of RSUs—net of tax |  |  |  | 209515 |  | (142) |  |  | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant redemption |  |  |  | 3809200 |  | 37122 |  |  | 37122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of redeemable non-controlling <br> interest | 1221 |  |  |  |  | (1221) |  |  | (1221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  | (16) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | 21445 |  | 21445 |
| BALANCE—June 30, 2024 | $18947 |  | $— | 622795101 | $62 | $3000367 | $(1105619) | $(1164) | $1893646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  |  | 42125 |  |  | 42125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options |  |  |  | 878686 |  | 2303 |  |  | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under<br> employee stock purchase plan |  |  |  | 414584 |  | 3912 |  |  | 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon <br> vesting of RSUs—net of tax |  |  |  | 1237335 | 1 | (4797) |  |  | (4796) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of redeemable non-controlling <br> interest | 1320 |  |  |  |  | (1320) |  |  | (1320) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  | 117 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | 4132 |  | 4132 |
| BALANCE—September 30, 2024 | $20267 |  | $— | 625325706 | $63 | $3042590 | $(1101487) | $(1047) | $1940119 |

---

See notes to condensed consolidated financial statements.

------

**CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(6432) | $24980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of software, equipment, and property | 44376 | 29520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 68641 | 62654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (1208) | (32941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 146216 | 127221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 1405 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount on debt | 117 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | 8441 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities |  | (14378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of software, equipment and property |  | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash interest expense | 1491 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable—Net | (33743) | (27237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | (566) | (1807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (2770) | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs—Non-current | (1902) | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 139 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets | 1855 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (30733) | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 3813 | 5483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (6720) | (14896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (3277) | (2878) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 10073 | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (2901) | (1064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 196315 | 170241 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of software, equipment, and property | (46684) | (45073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of EvolutionIQ, Inc., net of cash acquired | (410412) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (457096) | (45073) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 3603 | 23997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from employee stock purchase plan | 5044 | 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for employee taxes withheld upon vesting of equity awards | (48262) | (57519) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (212485) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 225000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of fees associated with the debt modification | (6565) | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on long-term debt | (7508) | (6000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (41173) | (34438) |
| NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 112 | 1 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (301842) | 90731 |
| CASH AND CASH EQUIVALENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 398983 | 195572 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $97141 | $286303 |
| NONCASH INVESTING AND FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock issued related the acquisition of EvolutionIQ, Inc. | $250441 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of promissory note to minority investor of redeemable preferred securities | $22955 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash purchases of software, equipment, and property | $— | $7305 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $51893 | $48294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes—Net | $26199 | $42137 |

---

See notes to condensed consolidated financial statements.

------

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

***(Unaudited)***

**1.** **ORGANIZATION AND nature of operations** 

CCC Intelligent Solutions Holdings Inc. (the "Company"), a Delaware corporation, is a leading software as a service ("SaaS") platform for the multi-trillion-dollar insurance economy, powering operations for insurers, repairers, automakers, parts suppliers and more. CCC's cloud technology connects businesses digitizing mission-critical workflows, commerce and customer experiences.

The Company's cloud-based SaaS platform connects trading partners, facilitates commerce and supports mission-critical artificial intelligence ("AI") enabled digital workflows.

The Company is headquartered in Chicago, Illinois. The Company's primary operations are in the United States ("US") and it also has operations in China.

The Company was originally incorporated as a Cayman Islands exempted company on July 3, 2020 as a special purpose acquisition company under the name Dragoneer Growth Opportunities Corp ("Dragoneer"). On February 2, 2021, Cypress Holdings Inc., a Delaware corporation, entered into a business combination agreement with Dragoneer. In connection with the closing of the business combination ("Business Combination"), Dragoneer changed its jurisdiction of incorporation by deregistering as an exempted company in the Cayman Islands and continuing and domesticating as a Delaware corporation on July 30, 2021, upon which Dragoneer changed its name to CCC Intelligent Solutions Holdings Inc.

------

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation**—The condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2025 and 2024, the condensed consolidated statements of mezzanine equity and stockholders' equity for the three and nine months ended September 30, 2025 and 2024, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 have been prepared by the Company and have not been audited. In the opinion of management, all adjustments (which include only normal recurring adjustments except where disclosed) necessary for the fair presentation of the financial position, results of operations and cash flows have been made. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or any future period.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission ("SEC"). The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, the condensed consolidated financial statements may not include all the information and footnotes necessary for a complete presentation of the Company's financial position, results of operations or cash flows. These condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The Company's significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to the significant accounting policies since December 31, 2024.

**Basis of Accounting**—The accompanying condensed consolidated financial statements are prepared in accordance with GAAP and include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements include 100% of the accounts of wholly-owned and majority-owned subsidiaries and the ownership interest of the minority investor is recorded as a non-controlling interest in a subsidiary.

**Use of Estimates**—The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts, and the disclosures of contingent amounts, in the Company's condensed consolidated financial statements and the accompanying notes. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from management's estimates if past experience or other assumptions are not substantially accurate. Significant estimates in these condensed consolidated financial statements include the estimation of contract transaction prices, the determination of the amortization period for contract assets, the valuation of goodwill and intangible assets, the valuation of the warrant liabilities, and the estimates and assumptions associated with stock incentive plans.

**Recently Issued Accounting Pronouncements**—In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles-Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. Among other things, this update removes the accounting consideration of software project development stages, and requires an entity to start capitalizing software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and used to perform its intended function. The guidance can be applied on a perspective basis, modified basis, or retrospective basis. The amendments in this update are effective for fiscal years beginning after December 15, 2027, and interim periods in those fiscal years. The Company is evaluating the impact of the adoption of ASU 2025-06 to its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires new disclosures aimed at enhancing transparency in financial reporting by requiring disaggregation of specific expense captions within the statement of operations. Under the update, entities are required to disclose a breakdown of certain expense categories, such as: employee compensation, depreciation, amortization, and other material components. This ASU is

------

effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is evaluating the disclosure requirements related to this update.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements may be applied on a prospective basis, with the option to apply them retrospectively. The amendments in this update are effective for fiscal years beginning after December 15, 2024. The Company is continuing to evaluate the disclosure requirements but does not believe the adoption of ASU 2023-09 will have a significant impact on its consolidated financial statements.

There have been no other recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2025, as compared to the recent accounting pronouncements described in our Annual Report on Form 10-K for the year ended December 31, 2024, that are of significance or potential significance to us.

**3.** **BUSINESS ACQUISITION**

On January 6, 2025, the Company completed its acquisition of EvolutionIQ, Inc. ("EvolutionIQ"), a privately held company that provides AI-powered guidance for disability and injury claims management. Leveraging EvolutionIQ's platform, the acquisition will broaden the Company's portfolio of AI-based solutions available to insurance customers.

The Company acquired all the outstanding shares of EvolutionIQ in exchange for total consideration of $674.3 million upon closing, subject to certain post-closing adjustments. In accordance with the acquisition agreement, the Company placed $8.9 million in escrow for general indemnity and purchase price adjustment holdbacks to be paid to the sellers within 90 days of closing for the adjustment holdbacks and 36 months of closing for the general indemnity, subject to reduction for certain indemnifications and other potential obligations of the selling shareholders. During the three months ended September 30, 2025, the adjustment escrow was distributed with the sellers receiving $2.6 million and the Company receiving $4.7 million. As of September 30, 2025, the remaining escrow balance of $1.6 million relates to the general indemnity.

The acquisition date fair value of the consideration transferred consisted of the following (in thousands):

---

| | |
|:---|:---|
| Cash consideration | $420642 |
| Fair value of common stock issued | 250441 |
| Fair value of option holdback | 3184 |
| Total acquisition date fair value of the consideration transferred | $674267 |

---

As part of the acquisition, the Company issued 26,035,603 shares of common stock. The number of shares of common stock issued was based on a 9-day volume weighted average price of $11.83, established prior to the closing date of January 6, 2025. On the date of acquisition, the Company's closing stock price was $11.41.

Included in the shares of common stock issued are 10,356,096 restricted shares of common stock subject to re-vesting provisions. The restricted shares have a fair value as of the acquisition date of $118.2 million, of which $71.5 million is included in the consideration transferred in the table above, and the remaining $46.7 million will be recognized as stock-based compensation expense over the vesting period (see Note 17).

The fair value of the option holdback corresponds to the fair value of certain unvested EvolutionIQ stock options subject to future vesting as of the acquisition date. If the optionholder does not meet the time-based vesting requirement, the corresponding holdback amount will be released to the selling shareholders. If the optionholder does meet the time-based vesting requirement, the optionholder will receive the corresponding holdback amount in shares of CCC common stock, and the holdback cash amount is retained by the Company.

The acquisition of EvolutionIQ was accounted for as a business combination and reflects the application of acquisition accounting in accordance with Accounting Standards Codification ("ASC") 805, *Business Combinations*. The total purchase consideration was allocated to the assets acquired and liabilities assumed based on fair value as of the acquisition date with the excess purchase price assigned to goodwill. Goodwill was primarily attributable to expected synergies from the combined service offerings and the value of the acquired workforce. Goodwill and intangible assets are not deductible for tax purposes.

The Company's estimates of the fair values of the assets acquired and liabilities assumed are based on information available at the date of acquisition. During the measurement period, which may be up to one year from the acquisition date, adjustments may be recorded to the fair values of these tangible and intangible assets acquired and liabilities assumed, including uncertain tax positions and tax-related valuation allowances, with the corresponding offset to goodwill. As of September 30, 2025, there have been no significant changes to the preliminary purchase price allocation.

------

The following table summarizes the preliminary allocation of the consideration to the fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

---

| | |
|:---|:---|
| Assets acquired: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets | $11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 167900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 8935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | 188085 |
| Liabilities assumed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 21461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 16916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities | 10238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | 52591 |
| Net assets acquired | 135494 |
| Goodwill | 538773 |
| Total purchase price | $674267 |

---

A summary of the fair values, discount rates and estimated useful lives of the acquired intangible assets is as follows (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Intangible Asset** | **Fair Value** | **Discount Rate** | **Estimated Useful Life** |
| Acquired technology | $134300 | 12.0% | 8 years |
| Customer relationships | 32300 | 11.5% | 16 years |
| Trademark | 1300 | 11.5% | 5 years |

---

The Company utilized different valuation approaches and methodologies to determine the fair values of acquired intangible assets. The valuation approaches and methodologies were based on estimates of future operating projections as well as judgments on the discount rate and other variables. These fair values were based on significant unobservable inputs, including management estimates and assumptions and thus represent Level 3 measures in the fair value hierarchy.

Acquired technology was valued using the multi-period excess earnings method. This method of valuation reflects the present value of the projected cash flows that are expected to be generated by the acquired technology less charges representing the contribution of other assets to those cash flows.

Customer relationships were valued using a distributor method, which uses market-based inputs to value an asset. Under the distributor method, the value of the customer relationships is a function of several components, including revenue associated with the existing customers, distributor profit margin, charges for use of other assets and discount rate.

The trademark was valued under the relief from royalty method, which is equal to the present value of the after-tax royalty savings attributable to owning the trademark as opposed to paying a third party for its use.

The acquired intangible assets, with a weighted average useful life of 9.5 years, are being amortized on a straight-line basis.

For the period from the date of acquisition through September 30, 2025, EvolutionIQ's revenues were less than 5.0% of the Company's total revenues and not material. For the three months ended September 30, 2025, EvolutionIQ's pretax loss was $23.1 million, including $14.7 million of stock-based compensation expense and $4.8 million of amortization expense. For the period from the date of acquisition through September 30, 2025, EvolutionIQ's pretax loss was $74.9 million, including $49.6 million of stock-based compensation expense and $14.3 million of amortization expense.

The Company incurred transaction costs associated with the acquisition of $16.6 million. During the three and nine months ended September 30, 2025, the Company incurred transaction costs of $0.2 million and $7.8 million, respectively, included in general and administrative expenses within the condensed consolidated statements of operations and comprehensive (loss) income.

**4. REvenue** 

*Disaggregation of Revenue*—The Company provides disaggregation of revenue based on type of service as it believes these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

------

The following table summarizes revenue by type of service for the three and nine months ended September 30, 2025 and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Software subscriptions | $256656 | $229425 | $749771 | $670335 |
| Other | 10464 | 9056 | 29365 | 28001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $267120 | $238481 | $779136 | $698336 |

---

*Transaction Price Allocated to the Remaining Performance Obligations*—Remaining performance obligations represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of September 30, 2025, approximately $1,741 million of revenue is expected to be recognized from remaining performance obligations in the amount of approximately $752 million during the following twelve months, and approximately $989 million thereafter. The estimated revenues do not include unexercised contract renewals. The remaining performance obligations exclude future transaction revenue where revenue is recognized as the services are rendered and in the amount to which the Company has the right to invoice.

*Deferred Revenue*—Revenue recognized for the three months ended September 30, 2025 from amounts in deferred revenue as of June 30, 2025 was $54.9 million. Revenue recognized for the three months ended September 30, 2024 from amounts in deferred revenue as of June 30, 2024 was $42.8 million. Revenue recognized for the nine months ended September 30, 2025 from amounts in deferred revenue as of December 31, 2024 was $43.6 million. Revenue recognized for the nine months ended September 30, 2024 from amounts in deferred revenue as of December 31, 2023 was $41.1 million.

*Contract Assets and Liabilities*—The opening and closing balances of the Company's receivables, contract assets and contract liabilities from contracts with customers are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Accounts receivables—Net of allowances | $140702 | $106578 |
| Deferred contract costs | 22939 | 22373 |
| Long-term deferred contract costs | 20594 | 18692 |
| Other assets (accounts receivable, non-current) | 23619 | 16946 |
| Deferred revenues | 76450 | 44915 |
| Other liabilities (deferred revenues, non-current) | 1679 | 1415 |

---

A summary of the activity impacting deferred revenue balances during the three and nine months ended September 30, 2025 and 2024 is presented below (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of period | $72292 | $48101 | $46330 | $44940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized<sup>1</sup> | (135931) | (120315) | (468517) | (353523) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional amounts deferred<sup>1</sup> | 141768 | 120561 | 500316 | 356930 |
| Balance at end of period | $78129 | $48347 | $78129 | $48347 |
| Classified as: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $76450 | $46577 | $76450 | $46577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current | 1679 | 1770 | 1679 | 1770 |
| Total deferred revenue | $78129 | $48347 | $78129 | $48347 |

---

<sup>1</sup> Amounts include total revenue deferred and recognized during each respective period.

The additional amount deferred during the nine months ended September 30, 2025 includes $21.5 million related to the deferred revenue recorded at the time of the acquisition of EvolutionIQ.

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A summary of the activity impacting the deferred contract costs during the three and nine months ended September 30, 2025 and 2024 is presented below (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of period | $43439 | $41093 | $41065 | $40202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs amortized | (6060) | (5651) | (17743) | (16222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional amounts deferred | 6154 | 5661 | 20211 | 17123 |
| Balance at end of period | $43533 | $41103 | $43533 | $41103 |
| Classified as: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current | $22939 | $19707 | $22939 | $19707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current | 20594 | 21396 | 20594 | 21396 |
| Total deferred contract costs | $43533 | $41103 | $43533 | $41103 |

---

**5. FAIR VALUE measurements** 

**Assets and Liabilities Measured at Fair Value on a Recurring Basis**

*Interest Rate Swaps*—In February 2025, the Company entered into three interest rate swap agreements to reduce its exposure to variability from future cash flows resulting from interest rate risk related to its floating rate long-term debt (see Note 14). The fair value of the interest rate swap agreements was estimated using inputs that were observable or that could be corroborated by observable market data and therefore was classified within Level 2 of the fair value hierarchy as of September 30, 2025.

The Company does not designate its interest rate swap agreements as hedging instruments and records the changes in fair value within other income (expense)**—**net on the condensed consolidated statements of operations and comprehensive (loss) income. As of September 30, 2025, the interest rate swap agreements had a fair value liability of $7.5 million. The fair value of the interest rate swap agreements is classified within other liabilities in the accompanying condensed consolidated balance sheet as of September 30, 2025.

*Interest Rate Caps*—In August 2022, the Company entered into two interest rate cap agreements to reduce its exposure to increases in interest rates applicable to its floating rate long-term debt (see Note 14). The fair value of the interest rate cap agreements was estimated using inputs that were observable or that could be corroborated by observable market data and therefore was classified within Level 2 of the fair value hierarchy as of December 31, 2024. The interest rate cap agreements expired in July 2025.

The Company does not designate its interest rate cap agreements as hedging instruments and recorded the changes in fair value within other income (expense)**—**net on the condensed consolidated statements of operations and comprehensive (loss) income. As of December 31, 2024, the interest rate cap agreements had a fair value of $1.0 million. The fair value of the interest rate cap agreements was classified within other current assets in the accompanying condensed consolidated balance sheets as of December 31, 2024.

The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;Interest rate swaps | 7466 |  | 7466 |  |
| Total liabilities | $7466 | $— | $7466 | $— |

---

The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;Interest rate caps | 975 |  | 975 |  |
| Total assets | $975 | $— | $975 | $— |

---

**Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis**—The Company has assets that under certain conditions are subject to measurement at fair value on a nonrecurring basis. These assets include those associated with acquired

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businesses, including goodwill and other intangible assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if one or more is determined to be impaired. The Company did not recognize any impairment charges related to these assets during the three and nine months ended September 30, 2025 and 2024.

**Fair Value of Other Financial Instruments**—The following table presents the carrying amounts, net of debt discount, and the estimated fair values of the Company's financial instruments that are not recorded at fair value on the condensed consolidated balance sheets (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying** | **Estimated** | **Carrying** | **Estimated** |
| **Description** | **Amount** | **Fair Value** | **Amount** | **Fair Value** |
| Term Loan, including current maturities | $992435 | $989769 | $774825 | $776970 |

---

The fair value of the Company's long-term debt, including current maturities, was estimated based on quoted market prices for the same or similar instruments and fluctuates with changes in applicable interest rates among other factors. The fair value of long-term debt is classified as a Level 2 measurement in the fair value hierarchy and is established based on observable inputs in less active markets.

**6. INCOME TAXES** 

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB") was signed into law. The OBBB contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense, and accelerated fixed asset depreciation. The Company's estimated annual effective tax rate for the nine months ended September 30, 2025 includes the estimated impact of the OBBB. The Company expects favorable cash impacts in 2025 as a result of certain accelerated tax deductions. The Company will continue to evaluate the impact of the OBBB on its income taxes.

The Company recognized an income tax provision of $15.4 million and $8.9 million for the three months ended September 30, 2025 and 2024, respectively. The income tax provision for the three months ended September 30, 2025 was primarily due to the Company's pre-tax book income, as well as the tax impact related to stock-based compensation expense, partially offset by the tax impact related to estimated research and development credits. The income tax provision for the three months ended September 30, 2024 was primarily due to the Company's pre-tax book income.

The Company recognized an income tax benefit of $5.1 million and an income tax provision of $9.0 million for the nine months ended September 30, 2025 and 2024, respectively. The income tax benefit for the nine months ended September 30, 2025 was primarily due to the Company's pre-tax book loss, as well as the tax rate impact of non-deductible stock-based compensation expense. The income tax provision for the nine months ended September 30, 2024 was primarily due to the Company's pre-tax book income.

The Company made income tax payments of $0.3 million and $11.6 million during the three months ended September 30, 2025 and 2024, respectively. The Company received refunds of $0.7 million from various states during the three months ended September 30, 2025. The Company received negligible refunds from various states during the three months ended September 30, 2024.

The Company made income tax payments of $27.6 million and $42.1 million during the nine months ended September 30, 2025 and 2024, respectively. The Company received refunds of $1.4 million from various states during the nine months ended September 30, 2025. Refunds received from various states were negligible during the nine months ended September 30, 2024.

As of September 30, 2025, unrecognized tax benefits were materially consistent with the amount as of December 31, 2024. The Company believes its liability for unrecognized tax benefits, excluding interest and penalties, will not materially change over the following twelve months.

**7. accounts receivable** 

Accounts receivable—Net as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Accounts receivable | $144803 | $111270 |
| Allowance for credit losses and sales reserves | (4101) | (4692) |
| Accounts receivable—Net | $140702 | $106578 |

---

------

As of September 30, 2025, one customer accounted for 10% of accounts receivable—Net. As of December 31, 2024, one customer accounted for 11% of accounts receivable—Net.

Changes to the allowance for credit losses and sales reserves during the three and nine months ended September 30, 2025 and 2024 consist of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of period | $4310 | $4079 | $4692 | $5574 |
| &nbsp;&nbsp;Charges to bad debt and sales reserves | 1474 | 1270 | 4424 | 3029 |
| &nbsp;&nbsp;Write-offs—Net | (1683) | (957) | (5015) | (4211) |
| Balance at end of period | $4101 | $4392 | $4101 | $4392 |

---

**8. OTHER CURRENT ASSETS** 

Other current assets as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Prepaid SaaS costs | 10918 | $9112 |
| Prepaid service fees | 7548 | 7352 |
| Prepaid insurance | 3329 | 2561 |
| Prepaid software and equipment maintenance | 758 | 673 |
| Other | 8869 | 9275 |
| Total other current assets | $31422 | $28973 |

---

**9. SOFTWARE, EQUIPMENT, AND PROPERTY**

Software, equipment, and property as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Software, licenses and database | $301265 | $275127 |
| Leasehold improvements | 31328 | 30993 |
| Computer equipment | 16076 | 18993 |
| Building and land | 4910 | 4910 |
| Furniture and other equipment | 1477 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total software, equipment, and property | 355056 | 331355 |
| Less accumulated depreciation and amortization | (187096) | (159276) |
| Software, equipment, and property—Net | $167960 | $172079 |

---

Depreciation and amortization expense related to software, equipment and property was $17.0 million and $10.4 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation and amortization expense related to software, equipment and property was $44.4 million and $29.5 million for the nine months ended September 30, 2025 and 2024, respectively.

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**10. LEASES** 

The Company leases real estate in the form of office space and data center facilities. Generally, at the inception of the contract, the term for real estate leases ranges from 2 to 17 years and the term for equipment leases is 1 to 3 years. Some real estate leases include options to renew that can extend the original term by 3 to 5 years.

The components of lease expense for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating lease costs | $1835 | $1937 | $5506 | $4644 |
| Variable lease costs | 1137 | 1228 | 3347 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease costs | $2972 | $3165 | $8853 | $8066 |

---

During the three months ended September 30, 2025 and 2024, the Company made cash payments for operating leases of $2.4 million and $2.4 million, respectively. During the nine months ended September 30, 2025 and 2024, the Company made cash payments for operating leases of $6.9 million and $6.2 million, respectively.

During the three months ended September 30, 2025, the Company obtained operating lease assets in exchange for lease liabilities of $0.3 million. During the three months ended September 30, 2024, the Company did not obtain any operating lease assets in exchange for lease liabilities. During the nine months ended September 30, 2025, the Company obtained operating lease assets in exchange for lease liabilities of $9.1 million, which includes $8.8 million of operating lease asset in connection with the acquisition of EvolutionIQ. During the nine months ended September 30, 2024, the Company obtained operating lease assets in exchange for lease liabilities of $0.9 million.

**11. GOODWILL AND INTANGIBLE ASSETS** 

Goodwill and intangible assets are primarily the result of business acquisitions.

The Company performs its annual impairment assessment of goodwill and indefinite life intangible assets as of November 30 of each year.

No impairments to goodwill or indefinite life intangible assets were recorded during the three and nine months ended September 30, 2025.

Changes in the carrying amount of goodwill were as follows during the nine months ended September 30, 2025 (in thousands):

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| | |
|:---|:---|
|  | **Net Carrying** |
|  | **Amount** |
| Balance as of December 31, 2024 | $1417724 |
| Acquisition of EvolutionIQ, Inc. | 538773 |
| Balance as of September 30, 2025 | $1956497 |

---

*Intangible Assets*—During the nine months ended September 30, 2025, the Company recorded $167.9 million of intangible assets as a result of the acquisition of EvolutionIQ (see Note 3).

No intangible asset impairments were recorded during the three and nine months ended September 30, 2025.

The intangible assets balance as of September 30, 2025 is reflected below (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Weighted-** |  |  |  |
|  |  | **Average** |  |  |  |
|  | **Estimated** | **Remaining** | **Gross** |  | **Net** |
|  | **Useful Life** | **Useful Life** | **Carrying** | **Accumulated** | **Carrying** |
|  | **(Years)** | **(Years)** | **Amount** | **Amortization** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | 16-18 | 9.8 | $1324130 | $(606162) | $717968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired technologies | 7-8 | 7.2 | 139100 | (15105) | 123995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trademarks | 5 | 4.3 | 1300 | (195) | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  | 1464530 | (621462) | 843068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trademarks—indefinite life |  |  | 190470 |  | 190470 |
| Total intangible assets |  |  | $1655000 | $(621462) | $1033538 |

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------

The intangible assets balance as of December 31, 2024 is reflected below (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Weighted-** |  |  |  |
|  |  | **Average** |  |  |  |
|  | **Estimated** | **Remaining** | **Gross** |  | **Net** |
|  | **Useful Life** | **Useful Life** | **Carrying** | **Accumulated** | **Carrying** |
|  | **(Years)** | **(Years)** | **Amount** | **Amortization** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | 18 | 10.3 | $1291830 | $(550822) | $741008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired technologies | 7 | 4.1 | 4800 | (2000) | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  |  | 1296630 | (552822) | 743808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trademarks—indefinite life |  |  | 190470 |  | 190470 |
| Total intangible assets |  |  | $1487100 | $(552822) | $934278 |

---

Amortization expense for intangible assets was $22.9 million and $18.1 million for the three months ended September 30, 2025 and 2024, respectively. Amortization expense for intangible assets was $68.6 million and $62.7 million for the nine months ended September 30, 2025 and 2024, respectively.

Future amortization expense for the remainder of the year ended December 31, 2025 and the following four years ended December 31 and thereafter for intangible assets as of September 30, 2025 is as follows (in thousands):

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| | |
|:---|:---|
| **Years Ending December 31:** |  |
| 2025 | 22881 |
| 2026 | 91520 |
| 2027 | 91520 |
| 2028 | 91520 |
| 2029 | 90891 |
| Thereafter | 454736 |
| Total | $843068 |

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**12. ACCRUED EXPENSES** 

Accrued expenses as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Compensation | $41309 | $47505 |
| Sales tax | 5071 | 3620 |
| Accrued share repurchase | 4998 |  |
| Royalties and licenses | 4416 | 5116 |
| Software license agreement | 4049 | 4613 |
| Professional services | 3879 | 6260 |
| Option holdback | 3184 |  |
| Employee insurance benefits | 2528 | 2235 |
| Other | 3873 | 3194 |
| Total accrued expenses | $73307 | $72543 |

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**13. OTHER LIABILITIES** 

Other liabilities as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Income taxes payable—non-current | $8249 | $6344 |
| Fair value on interest rate swap | 7466 |  |
| Software license agreement |  | 3544 |
| Deferred revenue—non-current | 1679 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | $17394 | $11303 |

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**14. LONG-TERM DEBT** 

On September 21, 2021, CCC Intelligent Solutions Inc., an indirect wholly owned subsidiary of the Company, together with certain of the Company's subsidiaries acting as guarantors entered into a credit agreement (as amended, the "2021 Credit Agreement").

The 2021 Credit Agreement originally consisted of an $800.0 million term loan, the proceeds of which, with cash on hand, were used to repay all outstanding borrowings under the Company's previous credit agreement.

*2025 Refinancing*—On January 6, 2025, in conjunction with the acquisition of EvolutionIQ (Note 3), the Company entered into the third amendment to the 2021 Credit Agreement (the "Third Amendment") that provided the Company with incremental term loans in an aggregate principal amount of $225.0 million (the "Incremental Term Loans"). Prior to the Fourth Amendment (as defined below) the Incremental Term Loans were repayable in quarterly installments in an amount equal to 0.25% of the original principal amount, with the balance payable at maturity, September 21, 2028.

Prior to the Fourth Amendment, the interest rate per annum applicable to the Incremental Term Loans were based on a fluctuating rate of interest, determined by the Company's leverage ratio, as defined in the 2021 Credit Agreement. In connection with the Fourth Amendment, the Incremental Term Loans were refinanced together with other term loans outlined in the following paragraphs.

On January 23, 2025, the Company entered into the fourth amendment (the "Fourth Amendment" and together with the Third Amendment, the "Amendments") to the 2021 Credit Agreement.

Pursuant to the terms of the Fourth Amendment, the Company incurred incremental term loans in an aggregate principal amount of $225.0 million, which were used to (i) refinance certain outstanding incremental term loans (including the Incremental Term Loans), (ii) extend the maturity of all term loans to January 23, 2032, (iii) remove the credit spread adjustment applicable to secured overnight financing rate ("SOFR") loans, and (iv) reduce the interest rate margin applicable to all term loans.

All other terms and conditions within the Company's 2021 Credit Agreement were unchanged as part of the Amendments.

Upon execution of the Fourth Amendment, the Company had outstanding borrowings under a term loan of $1,001 million (the "Term Loan") and a revolving credit facility for an aggregate principal amount of $250.0 million (the "2021 Revolving Credit Facility" and together with the Term Loan, the "2021 Credit Facilities"). The 2021 Revolving Credit Facility has a sublimit of $75.0 million for letters of credit.

The Company incurred $3.8 million in costs related to the Amendments, recorded as contra-debt. These costs are being amortized to interest expense over the term of the Term Loan using the effective interest method.

The Term Loan requires quarterly principal payments of approximately $2.5 million until December 31, 2031, with the remaining outstanding principal amount required to be paid on the maturity date. If the Company's leverage ratio, as defined in the 2021 Credit Agreement is greater than 3.5, the Term Loan requires a prepayment of principal, subject to certain exceptions, in connection with the receipt of proceeds from certain asset sales, casualty events, and debt issuances by the Company, and up to 50% of annual excess cash flow, as defined in and as further set forth in the 2021 Credit Agreement. When a principal prepayment is required, the prepayment offsets the future quarterly principal payments of the same amount. As of December 31, 2024, the Company's leverage ratio did not exceed the 3.5 threshold and the Company was not subject to the annual excess cash flow calculation, and as such, not required to make a prepayment of principal.

As of September 30, 2025 and December 31, 2024, the amount outstanding on the Term Loan was $993.5 million and $776.0 million, respectively. As of September 30, 2025 and December 31, 2024, $10.0 million and $8.0 million, respectively, was classified as current in the accompanying condensed consolidated balance sheets.

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Borrowings under the 2021 Credit Facilities bear interest at rates based on the ratio of CCC Intelligent Solutions Inc. and certain of its subsidiaries' consolidated first lien net indebtedness to consolidated EBITDA for applicable periods specified in the 2021 Credit Agreement.

Pursuant to the Fourth Amendment, the interest rate per annum applicable to the Term Loan is based on a fluctuating rate of interest equal to the sum of an applicable rate and, at the Company's election from time to time, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 1.00% in the case of base rate loans, and 2.00%, in the case of SOFR (or the Euro Interbank Offer Rate ("EURIBOR") or the Sterling Overnight Indexed Average ("SONIA")) loans, if S&P and Moody's Debt First Lien Leverage Ratio Ratings (as defined in the Credit Agreement) are below BB- (with a stable outlook) or below Ba3 (with a stable outlook) (or if for any reason this category does not apply, including if the Borrower has only one Debt Rating or the Borrower does not have any Debt Rating), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 0.75%, in the case of base rate loans, and 1.75%, in the case of SOFR (or EURIBOR or SONIA) loans, if S&P and Moody's Debt First Lien Leverage Ratio Ratings are both BB- (with a stable outlook) or better and Ba3 (with a stable outlook) or better.

Prior to the Amendments, the interest rate per annum applicable to the loans is based on a fluctuating rate of interest equal to the sum of an applicable rate and term SOFR (or EURIBOR or SONIA) with a term, as selected by the Company, of one, three or six months (subject to (x) in the case of term loans, a 0.50% per annum floor and (y) in the case of revolving loans, a 0.00% per annum floor).

In September 2024, the Company entered into Amendment No. 2 to the 2021 Credit Agreement (the "Second Amendment") to (i) remove the SOFR credit adjustment applicable to the 2021 Revolving Credit Facility and (ii) reduce the applicable interest rate for the 2021 Revolving Credit Facility by 0.25%. Additionally, the maturity date for the 2021 Revolving Credit Facility was extended to September 23, 2029.

At the time of entering into the 2021 Credit Agreement, the Company incurred $3.1 million in financing costs related to the 2021 Revolving Credit Facility. The Company incurred $0.7 million in financing costs related to the Second Amendment. These costs were recorded to a deferred financing fees asset account and are being amortized to interest expense over the term of the 2021 Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, the deferred financing fees asset balance was $1.5 million and $1.7 million, respectively.

A quarterly commitment fee of up to 0.50% is payable on the unused portion of the 2021 Revolving Credit Facility.

During the three months ended September 30, 2025 and 2024, the weighted-average interest rate on the outstanding borrowings under the Term Loan was 6.4% and 7.8%, respectively.

During the nine months ended September 30, 2025 and 2024, the weighted-average interest rate on the outstanding borrowings under the Term Loan was 6.3% and 7.8%, respectively.

As of September 30, 2025 and December 31, 2024, the Company has outstanding standby letters of credit for $1.1 million and $0.7 million, respectively, which reduce the amount available to be borrowed under the 2021 Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, $248.9 million and $249.3 million, respectively, was available to be borrowed.

The terms of the 2021 Credit Agreement include a financial covenant which requires that, at the end of each fiscal quarter, if the aggregate amount of borrowings under the 2021 Revolving Credit Facility exceeds 35% of the aggregate commitments of the Company, the leverage ratio of CCC Intelligent Solutions Inc. and certain of its subsidiaries cannot exceed 6.25 to 1.00. Borrowings under the 2021 Revolving Credit Facility did not exceed 35% of the aggregate commitments and the Company was not subject to the leverage test as of September 30, 2025 or December 31, 2024.

Long-term debt as of September 30, 2025 and December 31, 2024 consists of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| Term Loan | $993493 | $776000 |
| Term Loan—discount | (1058) | (1175) |
| Term Loan—deferred financing fees | (11217) | (5772) |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan—Net of discount & fees | 981218 | 769053 |
| Less: Current portion | (10010) | (8000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt—Net of current portion | $971208 | $761053 |

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*Interest Rate Swaps*—In February 2025, the Company entered into three interest rate swap agreements (the "Swaps") to reduce its exposure to variability from future cash flows resulting from interest rate risk related to its floating rate long-term debt.

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Pursuant to the terms of the Swaps, beginning on July 31, 2025, the Company will pay an average fixed interest rate of 3.94% on an aggregate notional amount corresponding to borrowings of $750.0 million in exchange for receipts on the same notional amount at a floating interest rate based on the applicable SOFR at the time of payment. The Swaps expire on July 31, 2027.

As of September 30, 2025, the aggregate fair value of the Swaps was a liability of $7.5 million (see Note 5). Cash received related to the Swaps was $0.3 million for the three and nine months ended September 30, 2025.

*Interest Rate Caps*—In August 2022, the Company entered into two interest rate cap agreements to reduce its exposure to increases in interest rates applicable to its floating rate long-term debt. The interest rate cap agreements had an aggregate notional amount of $600.0 million and a one-month SOFR cap rate of 4.00%. The interest rate cap agreements expired in July 2025.

Cash received related to the interest rate cap agreements was $0.2 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively. Cash received related to the interest rate cap agreements was $1.2 million and $6.1 million for the nine months ended September 30, 2025 and 2024, respectively.

As of December 31, 2024, the aggregate fair value of the interest rate cap agreements was $1.0 million (see Note 5).

**15. REDEEMABLE NON-CONTROLLING INTEREST**

On March 12, 2020, the Company entered into a stock purchase agreement and other related documentation (the "Stock Purchase Agreements") with a third-party investor (the "Investor") for purchase by the Investor of Series A Preferred Stock in CCC Cayman Holdings Limited ("CCC Cayman"), a majority-owned subsidiary of the Company and the parent of the Company's China subsidiaries. At the closing of the transactions under the Stock Purchase Agreements (the "Close Date"), CCC Cayman, a subsidiary of the Company, issued 1,818 shares of Series A Preferred Stock (the "Preferred Shares") at $7,854 per share to the Investor for net proceeds of $14.2 million. As of December 31, 2024, on an as-converted basis, the Preferred Shares represented an aggregate 10.0% ownership interest of the issued and outstanding capital stock of CCC Cayman, or 8.6% on a fully-diluted basis.

The Preferred Shares were redeemable upon an actual or deemed redemption event as defined in the Stock Purchase Agreements or at the option of the Investor beginning on the five-year anniversary of the Close Date, if an actual or deemed redemption event had not yet occurred.

The redemption price, as defined by the Stock Purchase Agreements, was equal to the original issue price of the Preferred Shares, plus 10.0% compound interest per annum on the Preferred Share issue price, plus any declared but unpaid dividends on the Preferred Shares.

The Preferred Shares did not participate in net income or losses.

On March 17, 2025, the Company received a notice of redemption under the Stock Purchase Agreements. Upon receiving the notice of redemption, the shares became mandatorily redeemable and payable by CCC Cayman (without recourse to the Company) and were no longer presented within mezzanine equity as a redeemable non-controlling interest.

As of December 31, 2024, the Investor's ownership in CCC Cayman was classified in mezzanine equity as a redeemable non-controlling interest, because it was redeemable on an event that was not solely in the control of the Company.

The activity impacting the redeemable non-controllable interest during the three and nine months ended September 30, 2025 and 2024 is presented below (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of period | $— | $18947 | $21679 | $16584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of redeemable non-controlling interest |  | 1320 | 1276 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of promissory note to minority investor of redeemable preferred securities |  |  | (22955) |  |
| Balance at end of period | $— | $20267 | $— | $20267 |

---

------

**16. NOTE PAYABLE TO MINORITY INVESTOR**

In connection with the Investor's notice of redemption of their Series A Preferred Stock and in accordance with the provisions of the Stock Purchase Agreements (see Note 15), on May 16, 2025, CCC Cayman issued a promissory note (the "Promissory Note") to the Investor. The obligors under the Promissory Note are CCC Cayman and its subsidiaries, without recourse to the Company.

The Promissory Note has an initial principal amount outstanding of $23.4 million, which included accrued interest of $0.4 million. The Promissory Note accrues interest at a rate of 12.0% per annum, compounded daily. All accrued interest is payable in kind and added to the outstanding principal amount. During the three and nine months ended September 30, 2025, the Company recognized $0.7 million and $1.5 million, respectively, of interest expense on the Promissory Note.

The Promissory Note's maturity date is defined as the date CCC Cayman has available funds and assets, as defined in the Stock Purchase Agreements, that are available and sufficient to pay in full the redemption price for the Investor's shares of Series A Preferred Stock. The Promissory Note allows for CCC Cayman to prepay, in whole or in part, any outstanding principal or interest prior to the maturity date without penalty.

As of September 30, 2025, the total amount outstanding under the Promissory Note was $24.4 million.

**17. Capital stock** 

**Preferred Stock**—The Company is authorized to issue up to 100,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with such designations, voting and other rights and preferences as may be determined from time to time by the Company's board of directors. As of September 30, 2025, there were no shares of preferred stock issued or outstanding.

**Common Stock**—The Company is authorized to issue up to 5,000,000,000 shares of common stock with a par value of $0.0001 per share. Each holder of common stock is entitled to one vote for each share of common stock held of record by such holder on all matters voted upon by the stockholders, subject to the restrictions set out in the Company's certificate of incorporation. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Upon a liquidation event, subject to the rights of the holders of any preferred stock issued and outstanding at such time, any distribution shall be made on a pro rata basis to the common stockholders.

There were 647,182,603 and 629,207,115 shares of common stock issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.

*Restricted Common Stock*—As part of the acquisition of EvolutionIQ in January 2025 (see Note 3), the Company issued 10,356,096 restricted shares of common stock, subject to re-vesting conditions. The restricted shares have service-based vesting conditions and vest annually over two years. The fair value of the restricted shares at the acquisition date was $118.2 million, of which $71.5 million was included as purchase consideration and the remaining $46.7 million will be recognized as stock-based compensation expense over the vesting period.

*Secondary Offerings and Stock Repurchase*—During the nine months ended September 30, 2025, certain existing stockholders completed secondary offerings where the selling stockholders sold an aggregate of 72,000,000 shares of the Company's common stock. The Company did not receive proceeds from the sale of the shares by the selling stockholders.

Concurrent with the March 2025 closing of the secondary offering, 7,000,000 shares of common stock were repurchased by the Company for an aggregate price of $72.3 million. The shares repurchased by the Company were formally retired. The excess purchase price over par value was charged directly to accumulated deficit.

During the nine months ended September 30, 2024, certain existing stockholders completed secondary offerings where the selling stockholders sold an aggregate of 171,500,000 shares of the Company's common stock. The Company did not receive proceeds from the sale of the shares by the selling stockholders.

In connection with the secondary offerings, the Company incurred costs of $0.2 million and $0.1 million during the three months ended September 30, 2025 and 2024, respectively, included within general and administrative expenses on the condensed consolidated statement of operations and comprehensive (loss) income. In connection with the secondary offerings, the Company incurred costs of $0.6 million and $2.0 million during the nine months ended September 30, 2025 and 2024, respectively, included within general and administrative expenses on the condensed consolidated statement of operations and comprehensive (loss) income.

*Share Repurchase Program*—In December 2024, the Company's board of directors authorized the repurchase of up to $300.0 million of the Company's outstanding shares of common stock (the "2024 Share Repurchase Program"). Under the 2024 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately negotiated

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transactions, accelerated share repurchases, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, in accordance with applicable securities laws and other restrictions. The 2024 Repurchase Program does not obligate the Company to repurchase any amount of common stock. The specific timing and amount of repurchases may vary based on available capital resources, market conditions, management's discretion, security laws limitations, and other factors.

During the three months ended September 30, 2025, the Company repurchased 4,779,310 shares for an aggregate purchase price of $44.9 million. During the nine months ended September 30, 2025, the company repurchased 22,767,637 shares for an aggregate purchase price of $217.2 million. During the three and nine months ended September 30, 2025, the Company incurred $0.1 million and $0.3 million, respectively, of fees directly related to the repurchase of shares.

As of September 30, 2025, the Company has $82.8 million of its common stock shares outstanding available to purchase under the 2024 Share Repurchase Program.

**18. STOCK INCENTIVE PLANS** 

In July 2021, the 2021 Equity Incentive Plan (the "2021 Plan") was adopted and approved by the Company's board of directors and stockholders.

*Restricted Stock Units and Restricted Stock Awards*—The table below summarizes the restricted stock unit ("RSU") and restricted stock award ("RSA") activity for the nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  |  | **Weighted-** |
|  |  | **Average** |
|  | **Shares** | **Fair Value** |
| Unvested —December 31, 2024 | 31042552 | $10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 16064203 | 10.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (17476705) | 11.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (2477192) | 10.52 |
| Unvested —September 30, 2025 | 27152858 | 10.34 |

---

In connection with the acquisition of EvolutionIQ (see Note 3), the Company granted 792,174 RSAs that are subject to service conditions.

During the nine months ended September 30, 2025, the Company granted 16,064,203 RSUs, including 5,712,249 RSUs as part of the acquisition of EvolutionIQ. Of the RSUs granted during the nine months ended September 30, 2025, 14,783,686 have time-based vesting requirements, and 1,280,517 have performance-based vesting requirements.

During the nine months ended September 30, 2025, 17,476,705 RSUs and RSA vested, of which 4,745,309 were withheld for employee tax obligations.

*Stock Options*—The table below summarizes the stock option activity for the nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Weighted-** |  |
|  |  |  | **Average** |  |
|  |  | **Weighted-** | **Remaining** | **Aggregate** |
|  |  | **Average** | **Contractual** | **Intrinsic** |
|  |  | **Exercise** | **Life** | **Value** |
|  | **Shares** | **Price** | **(in years)** | **(in thousands)** |
| Options outstanding—December 31, 2024 | 23349505 | $3.11 | 3.2 | $201305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (1238883) | 2.93 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited and canceled | (34737) | 8.58 |  |  |
| Options outstanding—September 30, 2025 | 22075885 | $3.11 | 2.3 | $132455 |
| Options exercisable—September 30, 2025 | 21850095 | $3.05 | 2.3 | $132335 |
| Options vested and expected to vest—September 30, 2025 | 22074471 | $3.11 | 2.3 | $132454 |

---

The fair value of the options which vested during the nine months ended September 30, 2025 was $1.5 million.

*Cayman Equity Incentive Plan*—In December 2022, the Company adopted the CCCIS Cayman Holdings Employees Equity Incentive Plans ("Cayman Incentive Plans"), which provide for the issuance of stock option awards in CCC Cayman ("Cayman Awards") to eligible employees of the Company's China subsidiaries.

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Awards under the Cayman Incentive Plans are settled in cash and thus accounted for as liability awards. Awards granted under the Cayman Incentive Plans have time-based vesting and expire on the tenth anniversary of the grant date.

There were no stock options under the Cayman Incentive Plans granted during the nine months ended September 30, 2025. The exercise price of the options granted is equal to the fair value of the underlying shares at the grant date. As of September 30, 2025 and December 31, 2024, stock options outstanding under the Cayman Incentive Plans are 2,355,400 and 2,363,514, respectively. None of the outstanding stock options are exercisable.

*Employee Stock Purchase Plan*—In July 2021, the Company adopted the CCC 2021 Employee Stock Purchase Plan ("ESPP").

During the nine months ended September 30, 2025, 599,176 shares were sold under the ESPP.

The fair value of the ESPP purchase rights sold during the nine months ended September 30, 2025 was estimated using the Black-Scholes option pricing model with the following assumptions:

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| | |
|:---|:---|
| Expected term (in years) | 0.5 |
| Expected volatility | 22 - 23% |
| Expected dividend yield | 0% |
| Risk-free interest rate | 4.2 - 5.3% |

---

*Stock-Based Compensation*—Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive (loss) income as follows for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cost of revenues | $2124 | $2297 | $8919 | $7051 |
| Research and development | 13734 | 12164 | 45870 | 34750 |
| Sales and marketing | 10918 | 6637 | 36568 | 19150 |
| General and administrative | 12417 | 21027 | 54859 | 66270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $39193 | $42125 | $146216 | $127221 |

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As of September 30, 2025, there was $180.6 million of unrecognized stock compensation expense related to unvested time-based awards which is expected to be recognized over a weighted-average period of 2.2 years. As of September 30, 2025, there was $20.0 million of unrecognized stock-based compensation expense related to unvested performance-based awards which is expected to be recognized over a weighted-average period of 1.9 years.

As of September 30, 2025, there was $29.6 million of unrecognized stock compensation expense related to the restricted common stock subject to re-vesting conditions issued as part of the acquisition of EvolutionIQ in January 2025 (see Note 3 and Note 17). The unrecognized stock compensation expense is expected to be recognized over a weighted-average period of 1.3 years.

**19. WARRANTS** 

Upon consummation of the Business Combination, the Company assumed warrants sold in a private placement ("Private Warrants") issued by Dragoneer.

Private Warrants could only be exercised for a whole number of shares of the Company's common stock. Each whole Private Warrant entitled the registered holder to purchase one share of the Company's common stock. All warrants had an exercise price of $11.50 per share, subject to adjustment, beginning on August 29, 2021, and were to expire on July 30, 2026 or earlier upon redemption or liquidation. Additionally, the Private Warrants were exercisable on a cashless basis and were non-redeemable, so long as they were held by the initial purchasers or their permitted transferees. If the Private Warrants were held by someone other than the initial purchasers or their permitted transferees, the Private Warrants were redeemable by the Company and exercisable by such holders.

During May 2024, the Company redeemed all of the outstanding Private Warrants for an aggregate 3,809,200 shares of the Company's common stock. Following the redemption, the Company had no Private Warrants outstanding.

During the nine months ended September 30, 2024, the Company recognized income of $14.4 million as a change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive (loss) income.

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**20. COMMITMENTS** 

**Purchase Obligations**—The Company has long-term agreements with suppliers and other parties related to licensing data used in its services, outsourced data center, disaster recovery and SaaS that expire at various dates through 2031. As of September 30, 2025, there were no material changes from the amounts disclosed as of December 31, 2024.

**Guarantees—**The Company's services and solutions are typically warranted to perform in a manner consistent with general industry standards that are reasonably applicable and substantially in accordance with the Company's services and solutions documentation under normal use and circumstances. The Company's services and solutions are generally warranted to be performed in a professional manner and to materially conform to the specifications set forth in the related customer contract. The Company's arrangements also include certain provisions for indemnifying customers against liabilities if its services and solutions infringe a third party's intellectual property rights.

To date, the Company has not incurred any material costs as a result of such indemnifications or commitments and has not accrued any liabilities related to such obligations in the accompanying consolidated financial statements.

**Employment Agreements**—The Company is a party to employment agreements with key employees that provide for compensation and certain other benefits. These agreements also provide for severance and bonus payments under certain circumstances.

**21. LEGAL PROCEEDINGS AND CONTINGENCIES** 

In the ordinary course of business, the Company is from time to time, involved in various pending or threatened legal actions. The litigation process is inherently uncertain, and it is possible that the resolution of such matters might have a material adverse effect upon the Company's consolidated financial condition and/or results of operations. The Company's management believes, based on current information, matters currently pending or threatened are not expected to have a material adverse effect on the Company's consolidated financial position or results of operations.

In a prior year, the Company made claims against certain parties for violation of its intellectual property and other related actions. These claims were settled during the nine months ended September 30, 2025.

**22. ReLATED PARTIES** 

The Company has engaged in transactions within the ordinary course of business with entities affiliated with its principal equity owners and directors.

The following table summarizes revenues recognized and expenses incurred with entities affiliated with one of its principal equity owners and directors for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;Credit card processing | $513 | $379 | $1401 | $982 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;Employee health insurance benefits | 1675 | 691 | 2622 | 2544 |
| &nbsp;&nbsp;IT security software | 156 | 128 | 468 | 383 |
| &nbsp;&nbsp;Board of director fees for services, including related travel and out-of-pocket reimbursements | 105 | \* | 436 | 328 |

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\* Not significant.

As of September 30, 2025 and December 31, 2024, all receivables and payables from related parties were de minimis.

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**23. OTHER Income (EXPENSE)—NET**

Other (expense) income—Net consists of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Gain/(loss) from change in fair value of interest rate swaps | $103 | $— | $(7466) | $— |
| Loss from change in fair value of interest rate caps | (163) | (4641) | (975) | (4775) |
| Income from derivative instruments | 453 | 2055 | 1442 | 6094 |
| Other income (expense)—Net | 73 | (1) | 311 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense)—Net | $466 | $(2587) | $(6688) | $1606 |

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**24. NET (LOSS) INCOME PER SHARE** 

The Company calculates basic earnings per share by dividing the net (loss) income attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by assuming the exercise, settlement and vesting of all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. The Company excludes common stock equivalent shares from the calculation if their effect is anti-dilutive. In a period where the Company is in a net loss position, the diluted loss per share is calculated using the basic share count.

The following table sets forth a reconciliation of the numerator and denominator used to compute basic and diluted earnings per share of common stock (in thousands, except for share and per share data).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Numerator** |  |  |  |  |
| Net (loss) income | $(1971) | $4132 | $(6432) | $24980 |
| Accretion of redeemable non-controlling interest |  | (1320) | (1276) | (3683) |
| Net (loss) income attributable to common stockholders | $(1971) | $2812 | $(7708) | $21297 |
| **Denominator** |  |  |  |  |
| Weighted average shares of common stock—basic and diluted | 631440015 | 615857231 | 635263670 | 608073087 |
| Dilutive effect of stock-based awards |  | 26547286 |  | 30996404 |
| Weighted average shares of common stock—diluted | 631440015 | 642404517 | 635263670 | 639069491 |
| Net (loss) income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.00) | $0.00 | $(0.01) | $0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.00) | $0.00 | $(0.01) | $0.03 |

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Approximately 26,385,228 and 344,640 common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended September 30, 2025 and 2024, respectively, because their effect was anti-dilutive.

Approximately 28,796,872 and 57,487 common stock equivalent shares were excluded from the computation of diluted per share amounts for the nine months ended September 30, 2025 and 2024, respectively, because their effect was anti-dilutive.

As part of the Business Combination, 8,625,000 shares issued and held by Dragoneer (the "Sponsor Vesting Shares") became non-transferable and subject to forfeiture on the tenth anniversary of the closing of the Business Combination if neither of the defined triggering events has occurred. The Sponsor Vesting Shares are issued and outstanding during the three and nine months ended September 30, 2025 and 2024 and excluded from the weighted average number of shares of common stock outstanding until the vesting requirement is met and the restriction is removed.

**25. SEGMENT INFORMATION and information about geographic areas** 

The Company organizes its segments around its operations by geographic region and operates in one reportable segment (the "Domestic Segment"). The Domestic Segment provides SAAS platforms for the insurance economy and derives revenues from

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providing customers with software subscriptions to the platforms in addition to providing professional services and non-software services. The accounting policies of the Domestic Segment are the same as those described in Note 2.

The Company does not have intra-entity sales or transfers.

The chief operating decision maker ("CODM") of the Domestic Segment is the Company's chief executive officer. The CODM assesses performance for the Domestic Segment at the segment level and uses the segment's performance when making strategic decisions on how to allocate resources and capital. In addition, the segment's performance is used when reviewing actual financial performance against internal budgets and for establishing incentive compensation targets.

The CODM uses net (loss) income to evaluate (loss) income generated from operations in deciding whether to reinvest profits into the Domestic Segment or use for acquisitions, to pay dividends or repurchase outstanding shares of common stock. The CODM reviews financial information, including significant expenses, of the Domestic Segment on an adjusted basis, excluding certain items that may not be indicative of the Company's recurring core business operations. This financial information reviewed by the CODM is accompanied by information about revenue by type of service and geographic region, for purposes of allocating resources and evaluating financial performance.

The Company's financial information and performance measures used by the CODM do not include a metric or measure including segment assets and thus, no asset information is provided to the CODM for the purpose of making strategic decisions or allocating resources.

The following table presents the Company's financial information about reported segment revenue, significant segment expenses, and the Company's reconciliation of segment profit (loss) to consolidated net (loss) income (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months<br>Ended September 30,** | **For the Three Months<br>Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue—Domestic Segment | $265402 | $236761 | $774028 | $693322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue—Other <sup>(1)</sup> | 1718 | 1720 | 5108 | 5014 |
| Total Revenue | 267120 | 238481 | 779136 | 698336 |
| Segment Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Data licenses and royalties—adjusted <sup>(2)</sup> | 11180 | 10866 | 32722 | 32725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer services—adjusted <sup>(3)</sup> | 29034 | 25455 | 83368 | 73518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Products and technology—adjusted <sup>(4)</sup> | 76546 | 67437 | 221982 | 194325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue enablement—adjusted <sup>(5)</sup> | 36171 | 30448 | 103906 | 91831 |
| &nbsp;&nbsp;&nbsp;&nbsp;General corporate and administrative—adjusted <sup>(6)</sup> | 21449 | 19681 | 61315 | 53936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items <sup>(7)</sup> | 22379 | 25372 | 117398 | 94497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 22880 | 18113 | 68640 | 62654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 16980 | 10366 | 44307 | 29472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 18103 | 16379 | 52866 | 49434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1065) | (3343) | (4233) | (8435) |
| &nbsp;&nbsp;&nbsp;&nbsp;Significant non-cash items <sup>(8)</sup> | 60 | 4641 | 8441 | (9603) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 15373 | 8933 | (5143) | 9002 |
| Total segment expenses | 269091 | 234349 | 785568 | 673356 |
| Net (loss) income including non-controlling interest | $(1971) | $4132 | $(6432) | $24980 |

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<sup>1</sup> Represents revenue from our China segment that does not meet the quantitative thresholds for determining reportable segments.

<sup>2</sup> Data licenses and royalties**—**adjusted expenses include third party costs for data licensing and royalty fees.

<sup>3</sup> Customer services**—**adjusted expenses include the costs to deliver services to customers, including software configuration, integration and implementation services and customer support activities. Customer services**—**adjusted excludes stock-based compensation expense and related employer payroll tax.

<sup>4</sup> Products and technology**—**adjusted expenses include costs related to the engineering, product management design and development of the Company's solutions, and costs related to the Company's hosting environments, support of production infrastructure, support of internal systems and infrastructure and IT security. Products and technology**—**adjusted excludes stock-based compensation expense and related employer payroll tax.

<sup>5</sup> Revenue enablement**—**adjusted expenses include costs for sales and marketing functions, including sales incentives,

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advertising costs, and event costs. Revenue enablement**—**adjusted excludes stock-based compensation expense and related employer payroll tax.

<sup>6</sup> General corporate and administrative**—**adjusted expenses include costs for our executive management and administrative employees, including finance and accounting, human resources, facilities and legal functions. Additional expenses include professional service fees, insurance premiums and other corporate expenses that are not allocated to the other adjusted expense categories. General corporate and administrative**—**adjusted excludes stock-based compensation expense and related employer payroll tax, litigation proceeds and litigation costs in which the Company is the plaintiff and related antitrust matters, costs associated with the acquisition and integration of completed and potential mergers and acquisitions, costs related to equity transactions, including secondary offerings and debt refinancing costs.

<sup>7</sup> Other segment items include those items excluded from the significant segment expense categories and identified in the above descriptions, adjustments for capitalized labor costs incurred on internal development projects, and expenses of an insignificant segment that does not meet the quantitative thresholds for determining reporting segments.

<sup>8</sup> Significant non-cash items include changes in fair value of derivative instruments and changes in fair value of warrant liabilities.

Revenues by geographic area, presented based upon the location of the customer are as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| United States | $265402 | $236761 | $774028 | $693322 |
| China | 1718 | 1720 | 5108 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $267120 | $238481 | $779136 | $698336 |

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Software, equipment and property—Net by geographic area are as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
|  | **2025** | **2024** |
| United States | $167799 | $171864 |
| China | 161 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total software, equipment and property—Net | $167960 | $172079 |

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from the forward-looking statements included herein. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the section titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" as set forth elsewhere in this Quarterly Report on Form 10-Q.*

*Unless otherwise indicated or the context otherwise requires, references to "CCC," the "Company," "we," "us," "our" and other similar terms refer to CCC Intelligent Solutions Holdings Inc. and its consolidated subsidiaries.*

**Business Overview** 

Founded in 1980, CCC provides leading SaaS platforms for the multi-trillion-dollar insurance economy powering operations for insurers, repairers, automakers, part suppliers, and more. CCC cloud technology connects more than 35,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in artificial intelligence ("AI"), customer experience, network and workflow management, CCC delivers technology that turns crucial moments into intelligent experiences, with the goal of shaping a world where life just works.

Our business has been built upon two foundational pillars: automotive insurance claims and automotive collision repair. For decades we have delivered leading software solutions to both the insurance and repair industries, including pioneering Direct Repair Programs ("DRP") in the U.S. beginning in 1992. DRP connects auto insurers and collision repair shops to create business value for both parties, and requires digital tools to facilitate interactions and manage partner programs. Insurer-to-shop DRP connections have created a strong network effect for CCC's platform, as insurers and repairers both benefit by joining the largest network to maximize opportunities. This has led to a virtuous cycle in which more insurers on the platform drives more value for the collision shops on the platform, and vice versa.

We believe we have become a leading insurance and repair SaaS provider in the U.S. by increasing the depth and breadth of our SaaS offerings over many years. Our insurance solutions help insurance carriers manage mission-critical workflows across the claims lifecycle, while building intelligent experiences for their customers. Our software integrates seamlessly with both legacy and modern systems and enables insurers to rapidly innovate on our platform. Our repair solutions help collision repair facilities achieve better performance throughout the collision repair cycle by digitizing processes to drive business growth, streamline operations, and improve repair quality. We have more than 300 insurers on our network, connecting with more than 30,500 repair facilities through our multi-tenant cloud platform. We believe our software is the architectural backbone of insurance DRP systems and is a primary driver of material revenue for our collision repair shop customers and a source of material efficiencies for our insurance carrier customers.

Our platform is designed to solve the "many-to-many" problem faced by the insurance economy. There are numerous internally and externally developed insurance software solutions in the market today, with the vast majority of applications focused on insurance-only use cases and not on serving the broader insurance ecosystem. We have prioritized building a leading network around our automotive insurance and collision repair pillars to further digitize interactions and maximize value for our customers. We have tens of thousands of companies on our platform that participate in the insurance economy, including insurers, repairers, parts suppliers, and automotive manufacturers. Our solutions create value for each of these parties by connecting them with our vast network to collaborate with other companies, streamline operations, and reduce processing costs and dollars lost through claims management inefficiencies, or claims leakage. Expanding our platform has added new layers of network effects, further accelerating the adoption of our software solutions.

We have processed more than $2 trillion of historical data across our network, allowing us to build proprietary data assets that leverage insurance claims, vehicle repair, automotive parts and other vehicle-specific information. We believe we are uniquely positioned to provide data-driven insights, analytics, and AI-enhanced workflows that strengthen our solutions and improve business outcomes for our customers. Our AI solutions streamline existing insurance and repair processes including vehicle damage detection, claim triage, claim handling, repair estimating, intelligent claim review, and claim subrogation. We deliver real-world AI with more than 100 U.S. auto insurers and more than 10,000 U.S. collision repairers actively using AI-powered solutions in production environments.

One of the primary obstacles facing the insurance economy is increasing complexity which is driven by technological advancements, supply-chain disruption, social inflation, medical inflation, and Internet-of-Things data. We believe digitization plays a critical role in managing this growing complexity while meeting consumer expectations. Our technology investments are focused on digitizing complex processes and interactions across our ecosystem, and we believe we are well positioned to power the insurance economy of the future with our data, network, and platform.

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While our position in the insurance economy is grounded in the automotive insurance sector, the largest property and casualty ("P&C") insurance sector in the U.S. representing nearly half of P&C Direct Written Premium ("DWP"), we believe our integrations and cloud platform are capable of driving innovation across the broader insurance economy. Our customers are increasingly looking for CCC to expand its solutions to other parts of their business where they can benefit from our technology, service, and partnership. In response, we are investing in new solutions that we believe will enable us to digitize the entire automotive claims lifecycle, and over time expand into adjacencies including other insurance lines. For example, CCC's acquisition of EvolutionIQ, Inc. ("EvolutionIQ") in January 2025 added claims solutions in disability and workers' compensation insurance lines to CCC's solution suite.

We have strong customer relationships in the end-markets we serve, and these relationships are a key component of our success given the long-term nature of our contracts and the interconnectedness of our network. We have customer agreements with more than 300 insurers (including carriers, self-insurers and other entities processing insurance claims), including 27 of the top 30 automotive insurance carriers in the U.S., based on DWP, and hundreds of regional carriers. We have more than 35,000 total customers, including more than 30,500 automotive collision repair facilities (including repairers and other entities that estimate damaged vehicles), more than 6,000 parts suppliers, 13 of the top 15 automotive manufacturers based on new vehicle sales, and numerous other companies that participate in the insurance economy.

**Key Performance Measures and Operating Metrics** 

In addition to our GAAP and non-GAAP financial measures, we rely on Software Net Dollar Retention Rate ("Software NDR") and Software Gross Dollar Retention Rate ("Software GDR") to measure and evaluate our business to make strategic decisions. Software NDR and Software GDR may not be comparable to or calculated in the same way as other similarly titled measures used by other companies.

*Software NDR*

We believe that Software NDR provides our management and our investors with insight into our ability to retain and grow revenue from our existing customers, as well as their potential long-term value to us. We also believe the results shown by this metric reflect the stability of our revenue base, which is one of our core competitive strengths. We calculate Software NDR by dividing (a) annualized software revenue recorded in the last month of the measurement period, for example, March for a quarter ending March 31, for unique billing accounts that generated revenue during the corresponding month of the prior year by (b) annualized software revenue as of the corresponding month of the prior year. The calculation includes changes for these billing accounts, such as changes in the solutions purchased, changes in pricing and transaction volume, but does not reflect revenue for new customers added. The calculation excludes: (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers and $4,000 for shops. The customers that do not meet the revenue threshold are small carriers and shops that tend to have different buying behaviors, with a narrower solution focus, and different tenure compared to our core customers (excluded small carriers and shops represent less than 5% of total revenue within these sales channels). Our Software NDR includes carriers and shops who subscribe to our auto physical damage solutions, which account for most of the Company's revenue, and excludes revenue from smaller emerging solutions with international subsidiaries or other ecosystem solutions, such as parts suppliers and other automotive manufacturers, and also excludes CCC casualty solutions which are largely usage and professional service based.

Beginning with the quarter ended March 31, 2025, our Software NDR calculation includes EvolutionIQ's software revenue. The new calculation is a result of the acquisition of EvolutionIQ and not the result of a change in the methodology applicable to our pre-acquisition business. The calculation of Software NDR as of and following the quarter ended March 31, 2025 is consistent with the methodology described above, using Software NDR on a combined company basis for the prior year annualized software revenue to determine annualized revenue growth, and, with respect to EvolutionIQ's software revenue, excludes (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers (with shops not applicable to the EvolutionIQ business).

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| | | | |
|:---|:---|:---|:---|
|  | **Quarter Ending** | **2025** | **2024** |
| Software NDR | March 31 | 107% | 107% |
|  | June 30 | 107% | 107% |
|  | September 30 | 105% | 106% |
|  | December 31 |  | 105% |

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*Software GDR* 

We believe that Software GDR provides our management and our investors with insight into the value our solutions provide to our customers as represented by our ability to retain our existing customer base. We believe the results shown by this metric reflect the strength and stability of our revenue base, which is one of our core competitive strengths. We calculate Software GDR by dividing (a) annualized software revenue recorded in the last month of the measurement period in the prior year, reduced by annualized software revenue for unique billing accounts that are no longer customers as of the current period end by (b) annualized software revenue as of the corresponding month of the prior year. The calculation reflects only customer losses and does not reflect customer expansion or contraction for these billing accounts and does not reflect revenue for new customer billing accounts added. Our Software GDR calculation represents our annualized software revenue that is retained from the prior year and demonstrates that the vast majority of our customers continue to use our solutions and renew their subscriptions. The calculation excludes: (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers and $4,000 for shops. The customers that do not meet the revenue threshold are small carriers and shops that tend to have different buying behaviors, with a narrower solution focus, and different tenure compared to our core customers (excluded small carriers and shops which represent less than 5% of total revenue within these sales channels). Our Software GDR includes carriers and shops who subscribe to our auto physical damage solutions, which account for most of the Company's revenue, and excludes revenue from smaller emerging solutions with international subsidiaries or other ecosystem solutions, such as parts suppliers and other automotive manufacturers, and excludes CCC casualty solutions which are largely usage and professional service based.

Beginning with the quarter ended March 31, 2025, our Software GDR calculation includes EvolutionIQ's software revenue. The new calculation is a result of the acquisition of EvolutionIQ and not the result of a change in methodology applicable to our pre-acquisition business. The calculation of Software GDR as of and following the quarter ended March 31, 2025 is consistent with the methodology described above, using Software GDR on a combined company basis for the prior year annualized software revenue to determine annualized revenue growth, and, with respect to EvolutionIQ's software revenue excludes (a) changes in estimates related to the timing of one-time revenue and other revenue, including professional services, and (b) annualized software revenue for smaller customers with annualized software revenue below the threshold of $100,000 for carriers (with shops not applicable to the EvolutionIQ business).

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| | | | |
|:---|:---|:---|:---|
|  | **Quarter Ending** | **2025** | **2024** |
| Software GDR | March 31 | 99% | 99% |
|  | June 30 | 99% | 99% |
|  | September 30 | 99% | 99% |
|  | December 31 |  | 99% |

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**Results of Operations** 

***Comparison of the three months ended September 30, 2025 to the three months ended September 30, 2024*** 

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  |
| **(dollar amounts in thousands, except share and per share data)** | **2025** | **2024** | **%** |
| Revenues | $267120 | $238481 | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues, exclusive of amortization of acquired technologies | 69779 | 54890 | 27.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technologies | 4368 | 171 | 2454.4% |
| Cost of revenues<sup>(1)</sup> | 74147 | 55061 | 34.7% |
| Gross profit | 192973 | 183420 | 5.2% |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)</sup> | 52947 | 49525 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing<sup>(1)</sup> | 44208 | 34347 | 28.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(1)</sup> | 47332 | 52918 | -10.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 18512 | 17942 | 3.2% |
| Total operating expenses | 162999 | 154732 | 5.3% |
| Operating income | 29974 | 28688 | 4.5% |
| Other (expense) income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (18103) | (16379) | -10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1065 | 3343 | -68.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) —Net | 466 | (2587) | NM |
| Total other expense | (16572) | (15623) | -6.1% |
| Pretax income | 13402 | 13065 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | (15373) | (8933) | -72.1% |
| Net (loss) income including non-controlling interest | (1971) | 4132 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: accretion of redeemable non-controlling interest |  | (1320) | 100.0% |
| Net (loss) income attributable to CCC Intelligent Solutions Holdings Inc. common stockholders | $(1971) | $2812 | NM |
| Net (loss) income per share attributable to common stockholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.00) | $0.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.00) | 0.00 |  |
| Weighted-average shares used in computing net (loss) income per share attributable to common stockholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 631440015 | 615857231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 631440015 | 642404517 |  |
| &nbsp;&nbsp;*NM—Not Meaningful* |  |  |  |
| <sup>(1)</sup> Includes stock-based compensation expense as follows (in thousands): | <sup>(1)</sup> Includes stock-based compensation expense as follows (in thousands): | <sup>(1)</sup> Includes stock-based compensation expense as follows (in thousands): |  |
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** |  |
|  | **2025** | **2024** |  |
| Cost of revenues | $2124 | $2297 |  |
| Research and development | 13734 | 12164 |  |
| Sales and marketing | 10918 | 6637 |  |
| General and administrative | 12417 | 21027 |  |
| Total stock-based compensation expense | $39193 | $42125 |  |

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***Revenues*** 

Revenues increased by $28.6 million to $267.1 million, or 12.0%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The Company's software subscription revenues accounted for $256.7 million and $229.4 million, or 96% of total revenue, during the three months ended September 30, 2025 and 2024.

The increase in revenue was primarily a result of 5% growth from existing customer upgrades and expanding solution offerings to these existing customers, 4% growth from the acquisition of EvolutionIQ, and 3% growth from new customers.

***Cost of Revenues*** 

Cost of revenues increased by $19.1 million to $74.1 million, or 34.7%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

*Cost of Revenues, exclusive of amortization of acquired technologies* 

Cost of revenues, exclusive of amortization of acquired technologies, increased by $14.9 million to $69.8 million, or 27.1%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily due to a $6.7 million increase in depreciation expense related to additional investments in new and enhanced customer solutions and platform development, and accelerated depreciation due to the discontinuance of an add-on solution. The overall increase was also driven by a $3.8 million increase in information technology ("IT") related costs, a portion of which is related to the EvolutionIQ acquisition, a $2.7 million increase in third party fees and direct costs associated with our revenue growth, and $1.7 million increase in personnel and resource related costs.

*Amortization of Acquired Technologies*

Amortization of acquired technologies increased $4.2 million to $4.4 million for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was due to the amortization of new acquired technology recognized as part of the acquisition of EvolutionIQ in January 2025.

***Gross Profit*** 

Gross profit increased by $9.6 million to $193.0 million, or 5.2%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Our gross profit margin was 72.2% for the three months ended September 30, 2025, compared to 76.9% for the three months ended September 30, 2024. The increase in gross profit was due to increased software subscription revenues and economies of scale resulting from fixed cost arrangements, including the impacts from the acquisition of EvolutionIQ in January 2025, partially offset by higher cost of revenue.

***Research and Development*** 

Research and development expense increased by $3.4 million to $52.9 million, or 6.9%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was primarily due to a $11.7 million increase in personnel and resource related costs, including a $1.6 million increase in stock-based compensation, primarily due to the acquisition of EvolutionIQ in January 2025, partially offset by a $5.6 million decrease in information technology ("IT") related costs, and $2.5 million increase in the amount of capitalized time on platform and customer solution enhancements.

***Selling and Marketing*** 

Selling and marketing expense increased by $9.9 million to $44.2 million, or 28.7%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was due to an $7.4 million increase in personnel-related costs, including a $4.3 million increase in stock-based compensation, primarily due to the acquisition of EvolutionIQ in January 2025, and a $2.1 million increase in professional service costs.

***General and Administrative*** 

General and administrative expense decreased by $5.6 million to $47.3 million, or 10.6%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease was primarily due to a $8.6 million decrease in stock-based compensation, and a $1.7 decrease in professional service costs, partially offset by a $1.9 million increase in personnel-related costs and a $1.2 million increase in other business taxes.

***Amortization of Intangible Assets*** 

Amortization of intangible assets was $18.5 million and $17.9 million for the three months ended September 30, 2025 and 2024, respectively. The increase in amortization of intangible assets was due to the intangible assets recognized as part of the acquisition of EvolutionIQ in January 2025.

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***Interest Expense*** 

Interest expense increased by $1.7 million to $18.1 million, or 10.5%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was due to the additional interest incurred on the Promissory Note payable by CCC Cayman and its subsidiaries to a minority investor and the interest incurred on an additional $225.0 million term loan as part of the third amendment to the 2021 Credit Agreement, entered into in January 2025, partially offset by lower variable interest rates during the three months ended September 30, 2025.

***Interest Income*** 

Interest income decreased by $2.3 million to $1.1 million, or 68.1%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, mainly due to lower average balances on interest earning deposits and money market funds during the three months ended September 30, 2025.

***Change in Fair Value of Warrant Liabilities*** 

Due to the redemption of all outstanding warrants in May 2024, the Company did not recognize any income or expense as a change in fair value of warrant liabilities during the three months ended September 30, 2025 and three months ended September 30, 2024.

***Other Income (Expense)*—*Net***

We recognized other income (expense)—Net of $0.5 million for the three months ended September 30, 2025 compared to other expense—Net of $2.6 million for the three months ended September 30, 2024. The change during the three months ended September 30, 2025 was primarily due to the change in fair value and decrease in income of derivative instruments, driven by the change in forward curve and secured overnight financing rate ("SOFR").

***Income Tax Provision***

The Company recognized an income tax provision of $15.4 million and $8.9 million for the three months ended September 30, 2025 and 2024, respectively. The income tax provision during the three months ended September 30, 2025 was primarily due to the Company's year-to-date pre-tax book income, as well as the tax impact related to stock-based compensation expense, partially offset by the tax impact related to estimated research and development credits.

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***Comparison of the nine months ended September 30, 2025 to the nine months ended September 30, 2024***

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| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |
| **(dollar amounts in thousands, except share and per share data)** | **2025** | **2024** | **%** |
| Revenue | $779136 | $698336 | 11.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, exclusive of amortization of acquired technologies | 194050 | 160929 | 20.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technologies | 13105 | 8828 | 48.4% |
| Cost of revenues<sup>(1)</sup> | 207155 | 169757 | 22.0% |
| Gross profit | 571981 | 528579 | 8.2% |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)</sup> | 174639 | 148255 | 17.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing<sup>(1)</sup> | 135980 | 106254 | 28.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(1)</sup> | 162080 | 161247 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 55536 | 53826 | 3.2% |
| Total operating expenses | 528235 | 469582 | 12.5% |
| Operating income | 43746 | 58997 | -25.9% |
| Other (expense) income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (52866) | (49434) | -6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4233 | 8435 | -49.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities |  | 14378 | -100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income—Net | (6688) | 1606 | NM |
| Total other expense | (55321) | (25015) | -121.2% |
| Pretax (loss) income | (11575) | 33982 | NM |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (provision) | 5143 | (9002) | NM |
| Net (loss) income including non-controlling interest | (6432) | 24980 | NM |
| Less: accretion of redeemable non-controlling interest | (1276) | (3683) | 65.4% |
| Net (loss) income attributable to CCC Intelligent Solutions Holdings Inc. Common Stockholders | $(7708) | $21297 | NM |
| Net (loss) income per share attributable to common<br> stockholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.01) | $0.04 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.01) | $0.03 |  |
| Weighted-average shares used in computing net income per share attributable to common stockholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 635263670 | 608073087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 635263670 | 639069491 |  |
| <sup>(1)</sup> Includes stock-based compensation expense as follows (in thousands): |  |  |  |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |  |
|  | **2025** | **2024** |  |
| Cost of revenues | $8919 | $7051 |  |
| Research and development | 45870 | 34750 |  |
| Sales and marketing | 36568 | 19150 |  |
| General and administrative | 54859 | 66270 |  |
| Total stock-based compensation expense | $146216 | $127221 |  |

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***Revenues*** 

Revenues increased by $80.8 million to $779.1 million, or 11.6%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The Company's software subscription revenues accounted for $749.8 million and $670.3 million, or 96% of total revenue during the nine months ended September 30, 2025 and 2024.

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The increase in revenue was primarily a result of 5% growth from existing customer upgrades and expanding solution offerings to these existing customers, 4% growth from the acquisition of EvolutionIQ, and 3% growth from new customers.

***Cost of Revenues*** 

Cost of revenues increased by $37.4 million to $207.2 million, or 22.0%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

*Cost of Revenues, exclusive of amortization of acquired technologies* 

Cost of revenues, exclusive of amortization of acquired technologies, increased by $33.1 million to $194.1 million, or 20.6%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was primarily due to a $14.6 million increase in depreciation expense related to additional investments in new and enhanced customer solutions and platform development, and accelerated depreciation due to the discontinuance of an add-on solution. The overall increase was also driven by a $7.4 million increase in personnel-related costs, including a $1.9 million increase in stock-based compensation partially due to the acquisition of EvolutionIQ in January 2025, a $6.0 million increase in third party fees and direct costs associated with our revenue growth, and a $5.9 million increase in IT related costs.

*Amortization of Acquired Technologies* 

Amortization of acquired technologies was $13.1 million for the nine months ended September 30, 2025 and 2024. The amortization recognized on acquired technologies as part of the acquisition of EvolutionIQ in January 2025 was offset by certain acquired technology intangible assets reaching the end of their useful life in April 2024.

***Gross Profit*** 

Gross profit increased by $43.4 million to $572.0 million, or 8.2%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. Our gross profit margin was 73.4% for the nine months ended September 30, 2025, compared to 75.7% for the nine months ended September 30, 2024. The increase in gross profit was due to increased software subscription revenues and economies of scale resulting from fixed cost arrangements, including the impacts from the acquisition of EvolutionIQ in January 2025, partially offset by higher cost of revenue.

***Research and Development*** 

Research and development expense increased by $26.4 million to $174.6 million, or 17.8%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was primarily due to a $38.4 million increase in personnel and resource related costs, including a $11.1 million increase in stock-based compensation, primarily due to the acquisition of EvolutionIQ in January 2025, partially offset by a $8.2 million decrease in IT related costs, a $3.0 million increase in the amount of capitalized time on platform and customer solution enhancements, and $0.7 million decrease in professional service costs.

***Selling and Marketing*** 

Selling and marketing expense increased by $29.7 million to $136.0 million, or 28.0%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was primarily due to a $25.9 million increase in personnel-related costs, including a $17.4 million increase in stock-based compensation, primarily due to the acquisition of EvolutionIQ in January 2025, and a $2.4 million increase in professional service costs.

***General and Administrative*** 

General and administrative expense increased by $0.8 million to $162.1 million, or 0.5%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was primarily due to a $5.7 million increase in professional service costs, mainly due to the acquisition of EvolutionIQ in January 2025, a $1.0 million increase in other business taxes, and a $1.0 million increase in IT related costs, partially offset by a $7.0 million decrease in personal-related costs, including a $11.4 million decrease in stock-based compensation.

***Amortization of Intangible Assets*** 

Amortization of intangible assets was $55.5 million and $53.8 million for the nine months ended September 30, 2025 and 2024, respectively.

***Interest Expense*** 

Interest expense increased by $3.4 million to $52.9 million, or 6.9%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was due to the additional interest incurred on the Promissory Note payable by CCC Cayman and its subsidiaries to a minority investor and the interest incurred on an additional $225.0 million term loan as part of the third amendment to the 2021 Credit Agreement, entered into in January 2025, partially offset by lower variable interest rates during the nine months ended September 30, 2025.

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***Interest Income*** 

Interest income decreased by $4.2 million to $4.2 million, or 49.8%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to lower average balances on interest earning deposits and money market funds during the nine months ended September 30, 2025.

***Change in Fair Value of Warrant Liabilities*** 

Due to the redemption of all outstanding warrants in May 2024, the Company did not recognize any income or expense as a change in fair value of warrant liabilities during the nine months ended September 30, 2025. We recognized income of $14.4 million for the nine months ended September 30, 2024. The change in fair value of warrant liabilities during the nine months ended September 30, 2024 was primarily due to changes in the price of the Company's common stock during the reporting period.

***Other (Expense) Income*—*Net***

We recognized other expense of $6.7 million for the nine months ended September 30, 2025 compared to other income $1.6 million for the nine months ended September 30, 2024. The change during the nine months ended September 30, 2025 was primarily due to the change in fair value and decrease in income of derivative instruments, driven by the change in forward curve and SOFR.

***Income Tax Benefit (Provision)***

The Company recognized an income tax benefit of $5.1 million and an income tax provision of $9.0 million for the nine months ended September 30, 2025 and 2024, respectively. The income tax benefit during the nine months ended September 30, 2025 was primarily due to Company's pre-tax book loss, as well as the tax rate impact of non-deductible stock-based compensation expense.

**Non-GAAP Financial Measures** 

In addition to our results determined in accordance with GAAP, we believe that Adjusted Gross Profit, Adjusted Operating Expenses, Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share, and Free Cash Flow, which are each non-GAAP measures, are useful in evaluating our operational performance. We use this non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes and setting management bonus programs. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing our operating performance and comparing our performance with competitors and other comparable companies, which may present similar non-GAAP financial measures to investors. Our computation of these non-GAAP measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate these measures in the same fashion. We endeavor to compensate for the limitation of the non-GAAP measure presented by also providing the most directly comparable GAAP measure and a description of the reconciling items and adjustments to derive the non-GAAP measure. These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP measures on a supplemental basis.

***Adjusted Gross Profit*** 

We believe that Adjusted Gross Profit, as defined below, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Adjusted Gross Profit is defined as gross profit, adjusted for amortization of acquired technologies and stock-based compensation and related employer payroll tax, which are not indicative of our recurring core business operating results. Adjusted Gross Profit Margin is defined as Adjusted Gross Profit divided by Revenue.

The following table reconciles Gross Profit to Adjusted Gross Profit for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(amounts in thousands, except percentages)** | **2025** | **2024** | **2025** | **2024** |
| Gross Profit | $192973 | $183420 | $571981 | $528579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technologies | 4368 | 171 | 13105 | 8828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation and related employer payroll tax | 2156 | 2337 | 9395 | 7617 |
| Adjusted Gross Profit | $199497 | $185928 | $594481 | $545024 |
| Gross Profit Margin | 72% | 77% | 73% | 76% |
| Adjusted Gross Profit Margin | 75% | 78% | 76% | 78% |

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***Adjusted Operating Expenses*** 

We believe that Adjusted Operating Expenses, as defined below, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Adjusted Operating Expenses is defined as operating expenses adjusted for amortization of intangible assets, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential mergers and acquisitions ("M&A"), costs related to equity transactions, including secondary offerings, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters and debt refinancing costs.

The following table reconciles operating expenses to Adjusted Operating Expenses for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(dollar amounts in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Operating expenses | $162999 | $154732 | $528235 | $469582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | (18512) | (17942) | (55536) | (53826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense and related employer payroll tax | (37623) | (40306) | (142562) | (125827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&A and integration costs | (234) |  | (8200) | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity transaction costs, including secondary offerings | (177) | (137) | (629) | (1876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation (costs) proceeds, net |  | (1614) | 3665 | (3813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt refinancing costs |  |  | (3119) |  |
| Adjusted Operating Expenses | $106453 | $94733 | $321854 | $283763 |

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***Adjusted Operating Income*** 

We believe that Adjusted Operating Income, as defined below, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. Adjusted Operating Income is defined as operating income adjusted for amortization of intangible assets and acquired technologies, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, costs related to equity transactions, including secondary offerings, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters and debt refinancing costs.

The following table reconciles operating income to Adjusted Operating Income for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(dollar amounts in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Operating income | $29974 | $28688 | $43746 | $58997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 18512 | 17942 | 55536 | 53826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technologies—Cost of revenue | 4368 | 171 | 13105 | 8828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense and related employer payroll tax | 39779 | 42643 | 151957 | 133444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&A and integration costs | 234 |  | 8200 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity transaction costs, including secondary offerings | 177 | 137 | 629 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation costs (proceeds), net |  | 1614 | (3665) | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt refinancing costs |  |  | 3119 |  |
| Adjusted Operating Income | $93044 | $91195 | $272627 | $261261 |

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***Adjusted EBITDA*** 

We believe that Adjusted EBITDA, as defined below, is useful in evaluating our operational performance distinct and apart from financing costs, certain expenses and non-operational expenses. Adjusted EBITDA is defined as net income (loss) adjusted for interest, taxes, amortization of intangible assets and acquired technologies, depreciation, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, costs related to equity transactions, including secondary offerings, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs, change in fair value of derivative instruments, income from derivative instruments and change in fair value of warrant liabilities. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Revenue.

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The following table reconciles net (loss) income to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(dollar amounts in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(1971) | $4132 | $(6432) | $24980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 18103 | 16379 | 52866 | 49434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1065) | (3343) | (4233) | (8435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 15373 | 8933 | (5143) | 9002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 18512 | 17942 | 55536 | 53826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technologies—Cost of revenue | 4368 | 171 | 13105 | 8828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of software, equipment and property | 2180 | 2291 | 6675 | 6455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of software, equipment and property—Cost of revenue | 14823 | 8069 | 37701 | 23065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense and related employer payroll tax | 39779 | 42643 | 151957 | 133444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&A and integration costs | 234 |  | 8200 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity transaction costs, including secondary offerings | 177 | 137 | 629 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation costs (proceeds), net |  | 1614 | (3665) | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt refinancing costs |  |  | 3119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | 60 | 4641 | 8441 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from derivative instruments | (453) | (2055) | (1442) | (6094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities |  |  |  | (14378) |
| Adjusted EBITDA | $110120 | $101554 | $317314 | $291068 |
| Adjusted EBITDA Margin | 41% | 43% | 41% | 42% |

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***Adjusted Net Income and Adjusted Earnings Per Share***

We believe that Adjusted Net Income, as defined below, and Adjusted Earnings Per Share are useful in evaluating our operational performance distinct and apart from financing costs, certain expenses and non-operational expenses. Adjusted Net Income is defined as net income (loss) adjusted for the after-tax effects of amortization of intangible assets and acquired technologies, stock-based compensation expense and related employer payroll tax, costs associated with the acquisition and integration of completed and potential M&A, costs related to equity transactions, including secondary offerings, litigation proceeds and litigation costs for matters in which we are the plaintiff and related antitrust matters, debt refinancing costs, change in fair value of derivative instruments, and change in fair value of warrant liabilities.

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The following table reconciles net (loss) income to Adjusted Net Income and Adjusted Earnings Per Share for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(dollar amounts in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(1971) | $4132 | $(6432) | $24980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 18512 | 17942 | 55536 | 53826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technologies—Cost of revenue | 4368 | 171 | 13105 | 8828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense and related employer payroll tax | 39779 | 42643 | 151957 | 133444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&A and integration costs | 234 |  | 8200 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity transaction costs, including secondary offerings | 177 | 137 | 629 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation costs (proceeds), net |  | 1614 | (3665) | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt refinancing costs |  |  | 3119 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | 60 | 4641 | 8441 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities |  |  |  | (14378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect of adjustments | (1730) | (8700) | (58124) | (44084) |
| Adjusted Net Income | $59429 | $62580 | $172766 | $173557 |
| Adjusted Net Income Per Share attributable to common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.09 | $0.10 | $0.27 | $0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.09 | $0.10 | $0.26 | $0.27 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 631440015 | 615857231 | 635263670 | 608073087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 657825243 | 642404517 | 664060542 | 639069491 |

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***Free Cash Flow*** 

We believe that Free Cash Flow, as defined below, provides meaningful supplemental information regarding our ability to generate cash and fund our operations and capital expenditures. Free Cash Flow is defined as net cash provided by operating activities less cash used for the purchases of software, equipment, and property.

The following table reconciles net cash provided by operating activities to Free Cash Flow for the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(dollar amounts in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Net cash provided by operating activities | $94767 | $63232 | $196315 | $170241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of software, equipment, and property | (16135) | (13849) | (46684) | (45073) |
| Free Cash Flow | $78632 | $49383 | $149631 | $125168 |

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**Liquidity and Capital Resources** 

We have financed our operations with cash flows from operations. The Company generated $196.3 million of cash flows from operating activities during the nine months ended September 30, 2025. As of September 30, 2025, the Company had cash and cash equivalents of $97.1 million, a working capital surplus of $112.6 million and an accumulated deficit totaling $1,319.1 million. As of September 30, 2025, the Company had $993.5 million aggregate principal outstanding on its term loan.

We believe that our existing cash and cash equivalents, our cash flows from operating activities and our borrowing capacity under our 2021 Revolving Credit Facility will be sufficient to fund our operations, fund required long-term debt repayments and meet our commitments for capital expenditures for at least the next twelve months.

Although we are not currently a party to any material definitive agreement regarding potential investments in, or acquisitions of, complementary businesses, applications or technologies, we may enter into these types of arrangements, which could reduce our cash and cash equivalents or require us to seek additional equity or debt financing. Additional funds from financing arrangements may not be available on terms favorable to us or at all.

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***Debt*** 

On September 21, 2021, CCC Intelligent Solutions Inc., an indirect wholly owned subsidiary of the Company, together with certain of the Company's subsidiaries acting as guarantors entered into a credit agreement (as amended, the "2021 Credit Agreement").

The 2021 Credit Agreement originally consisted of an $800.0 million term loan, the proceeds of which, with cash on hand, were used to repay all outstanding borrowings under the Company's previous credit agreement.

On January 6, 2025, in conjunction with the acquisition of EvolutionIQ, the Company entered into the third amendment to the 2021 Credit Agreement (the "Third Amendment") that provided the Company with incremental term loans in an aggregate principal amount of $225.0 million (the "Incremental Term Loans"). Prior to the Fourth Amendment (as defined below) the Incremental Term Loans were repayable in quarterly installments in an amount equal to 0.25% of the original principal amount, with the balance payable at maturity, September 21, 2028.

Prior to the Fourth Amendment, the interest rate per annum applicable to the Incremental Term Loans were based on a fluctuating rate of interest, determined by the Company's leverage ratio, as defined in the 2021 Credit Agreement. In connection with the Fourth Amendment, the Incremental Term Loans were refinanced together with other term loans outlined in the following paragraphs.

On January 23, 2025, the Company entered into the fourth amendment (the "Fourth Amendment" and together with the Third Amendment, the "Amendments") to the 2021 Credit Agreement.

Pursuant to the terms of the Fourth Amendment, the Company incurred incremental term loans in an aggregate principal amount of $225.0 million, which were used to (i) refinance certain outstanding incremental term loans (including the Incremental Term Loans), (ii) extend the maturity of all term loans to January 23, 2032, (iii) remove the credit spread adjustment applicable to SOFR loans, and (iv) reduce the interest rate margin applicable to all term loans.

All other terms and conditions within the Company's 2021 Credit Agreement were unchanged as part of the Amendments.

Upon execution of the Fourth Amendment, the Company had outstanding borrowings under a term loan of $1,001 million (the "Term Loan") and a revolving credit facility for an aggregate principal amount of $250.0 million (the "2021 Revolving Credit Facility" and together with the Term Loan, the "2021 Credit Facilities"). The 2021 Revolving Credit Facility has a sublimit of $75.0 million for letters of credit.

The Company incurred $3.8 million in costs related to the Amendments, recorded as contra-debt. These costs are being amortized to interest expense over the term of the Term Loan using the effective interest method.

The Term Loan requires quarterly principal payments of approximately $2.5 million until December 31, 2031, with the remaining outstanding principal amount required to be paid on the maturity date. If the Company's leverage ratio, as defined in the 2021 Credit Agreement is greater than 3.5, the Term Loan requires a prepayment of principal, subject to certain exceptions, in connection with the receipt of proceeds from certain asset sales, casualty events, and debt issuances by the Company, and up to 50% of annual excess cash flow, as defined in and as further set forth in the 2021 Credit Agreement. When a principal prepayment is required, the prepayment offsets the future quarterly principal payments of the same amount. As of December 31, 2024, the Company's leverage ratio did not exceed the 3.5 threshold and the Company was not subject to the annual excess cash flow calculation, and as such, not required to make a prepayment of principal.

As of September 30, 2025 and December 31, 2024, the amount outstanding on the Term Loan was $993.5 million and $776.0 million, respectively. As of September 30, 2025 and December 31, 2024, $10.0 million and $8.0 million, respectively, was classified as current in the accompanying condensed consolidated balance sheets.

Borrowings under the 2021 Credit Facilities bear interest at rates based on the ratio of CCC Intelligent Solutions Inc. and certain of its subsidiaries' consolidated first lien net indebtedness to consolidated EBITDA for applicable periods specified in the 2021 Credit Agreement.

Pursuant to the Fourth Amendment, the interest rate per annum applicable to the Term Loan is based on a fluctuating rate of interest equal to the sum of an applicable rate and, at the Company's election from time to time, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 1.00% in the case of base rate loans, and 2.00%, in the case of SOFR (or the Euro Interbank Offer Rate ("EURIBOR") or the Sterling Overnight Indexed Average ("SONIA")) loans, if S&P and Moody's Debt First Lien Leverage Ratio Ratings (as defined in the Credit Agreement) are below BB- (with a stable outlook) or below Ba3 (with a stable outlook) (or if for any reason this category does not apply, including if the Borrower has only one Debt Rating or the Borrower does not have any Debt Rating), and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 0.75%, in the case of base rate loans, and 1.75%, in the case of SOFR (or EURIBOR or SONIA) loans, if S&P and Moody's Debt First Lien Leverage Ratio Ratings are both BB- (with a stable outlook) or better and Ba3 (with a stable outlook) or better.

Prior to the Amendments, the interest rate per annum applicable to the loans is based on a fluctuating rate of interest equal to the sum of an applicable rate and term SOFR (or EURIBOR or SONIA) with a term, as selected by the Company, of one, three or six months (subject to (x) in the case of term loans, a 0.50% per annum floor and (y) in the case of revolving loans, a 0.00% per annum floor).

In September 2024, the Company entered into Amendment No. 2 to the 2021 Credit Agreement (the "Second Amendment") to (i) remove the SOFR credit adjustment applicable to the 2021 Revolving Credit Facility and (ii) reduce the applicable interest rate for the 2021 Revolving Credit Facility by 0.25%. Additionally, the maturity date for the 2021 Revolving Credit Facility was extended to September 23, 2029.

At the time of entering into the 2021 Credit Agreement, the Company incurred $3.1 million in financing costs related to the 2021 Revolving Credit Facility. The Company incurred $0.7 million in financing costs related to the Second Amendment. These costs were recorded to a deferred financing fees asset account and are being amortized to interest expense over the term of the 2021 Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, the deferred financing fees asset balance was $1.5 million and $1.7 million, respectively.

A quarterly commitment fee of up to 0.50% is payable on the unused portion of the 2021 Revolving Credit Facility.

During the three months ended September 30, 2025 and 2024, the weighted-average interest rate on the outstanding borrowings under the Term Loan was 6.4% and 7.8%, respectively.

During the nine months ended September 30, 2025 and 2024, the weighted-average interest rate on the outstanding borrowings under the Term Loan was 6.3% and 7.8%, respectively.

As of September 30, 2025 and December 31, 2024, the Company has outstanding standby letters of credit for $1.1 million and $0.7 million, respectively, which reduce the amount available to be borrowed under the 2021 Revolving Credit Facility. As of September 30, 2025 and December 31, 2024, $248.9 million and $249.3 million, respectively, was available to be borrowed.

The terms of the 2021 Credit Agreement include a financial covenant which requires that, at the end of each fiscal quarter, if the aggregate amount of borrowings under the 2021 Revolving Credit Facility exceeds 35% of the aggregate commitments of the Company, the leverage ratio of CCC Intelligent Solutions Inc. and certain of its subsidiaries cannot exceed 6.25 to 1.00. Borrowings under the 2021 Revolving Credit Facility did not exceed 35% of the aggregate commitments and the Company was not subject to the leverage test as of September 30, 2025 or December 31, 2024.

*Interest Rate Swaps*—In February 2025, the Company entered into three interest rate swap agreements (the "Swaps") to reduce its exposure to variability from future cash flows resulting from interest rate risk related to its floating rate long-term debt. Pursuant to the terms of the Swaps, beginning on July 31, 2025, the Company will pay an average fixed interest rate of 3.94% on an aggregate notional amount corresponding to borrowings of $750.0 million in exchange for receipts on the same notional amount at a floating interest rate based on the applicable SOFR at the time of payment. The Swaps expire on July 31, 2027.

***Cash Flows*** 

The following table provides a summary of cash flow data for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(dollar amounts in thousands)** | **2025** | **2024** |
| Net cash provided by operating activities | $196315 | $170241 |
| Net cash used in investing activities | (457096) | (45073) |
| Net cash provided by (used in) financing activities | (41173) | (34438) |
| Net effect of exchange rate change | 112 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in cash and cash equivalents | $(301842) | $90731 |

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Net cash provided by operating activities was $196.3 million for the nine months ended September 30, 2025. Net cash provided by operating activities consists of net income of $6.4 million, adjusted for $269.5 million of non-cash items, ($60.6) million for changes in working capital and ($6.1) million for the effect of changes in other operating assets and liabilities. Significant non-cash adjustments include stock-based compensation expense of $146.2 million, depreciation and amortization of $113.0 million and a change in fair value of derivative instruments of $8.4 million, partially offset by deferred income taxes of $1.2 million. The change in working capital was primarily the result of a change in income taxes of $30.7 million due to timing of payments, an increase in

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accounts receivable of $33.7 million, and a decrease in accrued expenses of $6.7 million due to employee incentive plan payments, partially offset by an increase in deferred revenue of $10.1 million.

Net cash used in investing activities was $457.1 million for the nine months ended September 30, 2025. Net cash used in investing activities was due to $410.4 million used for the acquisition of EvolutionIQ and $46.7 million of capitalized internally developed software projects and purchases of software, equipment, and property.

Net cash used by financing activities was $41.2 million for the nine months ended September 30, 2025. Net cash used by financing activities was primarily due to $212.5 million for a repurchase of common stock, $48.3 million of payments for employee tax liabilities related to the net share settlement of employee equity awards, $6.6 million of payments for fees associated with a debt modification and $7.5 million of principal payments of long-term debt, partially offset by $225.0 million of an incremental term loan used for the acquisition of EvolutionIQ, $5.0 million of proceeds from the issuance of stock under the employee stock purchase plan, and $3.6 million of proceeds from stock option exercises.

**Recent Accounting Pronouncements** 

See Note 2 to our condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for more information about recent accounting pronouncements, the timing of their adoption, and our assessment, to the extent we have made one, of their potential impact on our financial condition and our results of operations.

**Critical Accounting Estimates** 

Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue, costs, and expenses and related disclosures. Our estimates are based on our historical experience, trends and various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these judgments and estimates under different assumptions or conditions and any such differences may be material.

Except as described below, there have been no material changes to our critical accounting estimates as compared to the critical accounting policies and estimates disclosed in our audited consolidated financial statements and notes thereto for the year ended December 31, 2024 in our Annual Report on Form 10-K.

***Business Combinations*** 

The results of a business acquired in a business combination are included in our condensed consolidated financial statements as of the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business being recorded at their estimated fair values on the acquisition date, which may be considered preliminary and subject to adjustment during the measurement period, which is up to one year from the acquisition date. Any excess consideration over the fair value of assets acquired and liabilities assumed is recognized as goodwill.

We perform valuations of assets acquired and liabilities assumed and allocate the purchase price to the respective assets and liabilities. Determining the fair value of assets acquired and liabilities assumed requires significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates, royalty rates, and selection of comparable companies. We engage third-party valuation specialists to assist in concluding on fair value measurements in connection with determining fair values of assets acquired and liabilities assumed in a business combination. The resulting fair values and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.

These estimates are inherently uncertain and unpredictable, and if different estimates were used the purchase price for the acquisition could be allocated to the acquired assets and liabilities differently from the allocation that we have made. In addition, unanticipated events and circumstances may occur which may affect the accuracy or validity of such estimates, and if such events occur, we may be required to record a charge against the value ascribed to an acquired asset, an increase in the amounts recorded for assumed liabilities, or an impairment of some or all of the goodwill.

Goodwill and intangible assets recognized in connection with our acquisition of EvolutionIQ in January 2025 was $538.8 million and $167.9 million, respectively.

There have been no other material changes to our critical accounting estimates as compared to the critical accounting policies and estimates disclosed in our audited consolidated financial statements and notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K.

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk** 

There have been no material changes in our market risk compared to the disclosures in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

**Item 4. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act")), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our principal executive officer and principal financial officer have concluded that as of September 30, 2025, our disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

*Changes in Internal Control over Financial Reporting*

On January 6, 2025, we completed the acquisition of EvolutionIQ, which was accounted for as a business combination. As permitted by SEC guidance, the scope of management's evaluation of internal control over financial reporting can exclude acquisitions during the first year of an acquisition. Management is in the process of integrating, evaluating, and where necessary, implementing changes in controls and procedures of EvolutionIQ.

Other than the integration of EvolutionIQ, there were no changes in our internal control over financial reporting during the three months ended September 30, 2025 identified in management's evaluation pursuant to in Rules 13a-15(d) and 15d-15(d) of the Exchange Act that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

In the ordinary course of business, the Company is from time to time, involved in various pending or threatened legal actions. The litigation process is inherently uncertain, and it is possible that the resolution of such matters might have a material adverse effect on the Company's consolidated financial condition and/or results of operations. The Company's management believes, based on current information, matters currently pending or threatened are not expected to have a material adverse effect on the Company's consolidated financial position or results of operations.

**Item 1A. Risk Factors**

For risk factors relating to our business, please refer to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024. Any of these factors could result in a significant or material adverse effect on the results of our operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

The table set forth below summarizes the Company's purchases of its common stock during the three months ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** | **Issuer Purchases of Equity Securities** |
| **Period** | **Total Number of Shares Purchased** | **Average Purchase Price per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** <sup>(1)</sup> | **Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs** |
| July 2025 |  |  |  | $127.7 million |
| August 2025 |  |  |  | $127.7 million |
| September 2025 | 4779310 | $9.393 | 4779310 | $82.8 million |
| Total | **4779310** | $**9.393** | **4779310** | **$82.8 million** |

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<sup>1</sup> In December 2024, the Company's board of directors authorized the repurchase of up to $300.0 million of the Company's outstanding shares of common stock. The program has no expiration date.

**Item 3. Defaults upon Senior Securities** 

Not applicable.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

During the three months ended September 30, 2025, each of Brian Herb, Chief Financial and Administrative Officer of the Company, and Rodney Christo, Chief Accounting Officer of the Company, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c). The 10b5-1 trading arrangement was adopted by Mr. Herb September 18, 2025 and provides for the sale of up to 89,695 shares of common stock of the Company in the period commencing on December 22, 2025 and ending on the earlier of February 27, 2026 or the execution of all trades contemplated by the plan. The 10b5-1 trading arrangement was adopted by Mr. Christo on August 18, 2025 and provides for the sale of up to 218,557 shares of common stock of the Company in the period commencing on November 17, 2025 and ending on the earlier of August 3, 2026 or the execution of all trades contemplated by the plan. The number of shares to be sold under Mr. Herb's plan includes the sale of shares to be distributed to Mr. Herb upon the vesting of time-based RSUs and that are subject to the Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) entered into by Mr. Herb on December 20, 2024 and previously disclosed by the Company (the "Prior Herb Plan"); the actual number of shares to be sold under Mr. Herb's plan will depend on the number of shares withheld to satisfy tax obligations upon the vesting of the applicable awards and on the number of shares sold under the Prior Herb Plan. Mr. Christo's plan includes the sale of shares to be distributed to Mr. Christo upon the vesting of performance-based RSUs and assumes the vesting of the maximum number of shares under such awards; the actual number of shares to be sold under Mr. Christo's plan will depend on the achievement of the applicable performance conditions under the performance-based RSUs and the number of shares withheld to satisfy tax obligations upon the vesting of the applicable awards.

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**Item 6. Exhibits**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

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| | |
|:---|:---|
| **Exhibit** <br>**Number** | **Description** |
| 31.1\* | [<u>Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](cccs-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](cccs-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](cccs-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](cccs-ex32_2.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104\* | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |

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__________

\* Filed herewith

\*\* Furnished herewith

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: October 30, 2025 | **CCC INTELLIGENT SOLUTIONS HOLDINGS INC.** | **CCC INTELLIGENT SOLUTIONS HOLDINGS INC.** |
|  | By: | /s/ Githesh Ramamurthy |
|  | Name: | Githesh Ramamurthy |
|  | Title: | Chief Executive Officer and Chairman of the Board of Directors<br>(Principal Executive Officer)<br>|
| Dated: October 30, 2025 |  |  |
|  | By: | /s/ Brian Herb |
|  | Name: | Brian Herb |
|  | Title: | Executive Vice President, Chief Financial and Administrative Officer<br>(Principal Financial Officer) |

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## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

**Pursuant To**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, Githesh Ramamurthy, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of CCC Intelligent Solutions Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: October 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Githesh Ramamurthy |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Githesh Ramamurthy |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer* |

---

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## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

**Pursuant To**

**Section 302 of the Sarbanes-Oxley Act of 2002**

I, Brian Herb, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of CCC Intelligent Solutions Holdings Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: October 30, 2025 | /s/ Brian Herb |
|  | Brian Herb |
|  | *Executive Vice President, Chief Financial and Administrative Officer* |

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## Exhibit 32.1

**Exhibit 32.1**

**Certification of Chief Executive Officer**

**Pursuant To Rule 18 U.S.C. Section 1350**

In connection with the Quarterly Report on Form 10-Q of CCC Intelligent Solutions Holdings Inc. (the "Company") for the period ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission (the "Report"), I, Githesh Ramamurthy, Chief Executive Officer and Chairman of the Board of Directors of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: October 30, 2025 | /s/ Githesh Ramamurthy |
|  | Githesh Ramamurthy |
|  | *Chief Executive Officer* |

---

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## Exhibit 32.2

**Exhibit 32.2**

**Certification of Chief Financial Officer**

**Pursuant To Rule 18 U.S.C. Section 1350**

In connection with the Quarterly Report on Form 10-Q of CCC Intelligent Solutions Holdings Inc. (the "Company") for the period ended September 30, 2025, as filed with the U.S. Securities and Exchange Commission (the "Report"), I, Brian Herb, Executive Vice President, Chief Financial and Administrative Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: October 30, 2025 | /s/ Brian Herb |
|  | Brian Herb |
|  | *Executive Vice President, Chief Financial and Administrative Officer* |

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