CCC Intelligent Solutions Holdings Inc. (CCCS) experienced a pre-market plunge of 5.39% on Monday, despite reporting strong financial results for the third quarter of 2024. The company's stock was under pressure, with investors seemingly concerned about the slower-than-anticipated adoption of its new solutions and potential headwinds in the auto insurance industry.
CCCS reported a 8% year-over-year increase in total revenue to $238.5 million for the third quarter, slightly above analysts' expectations. The company's adjusted EBITDA also grew by 9% year-over-year to $102 million, with an adjusted EBITDA margin of 43%.
However, CCCS acknowledged that the velocity of revenue conversion from its new solutions is slower than anticipated due to clients' internal change management processes. Additionally, the company is facing some softness in claim volume across 2024, with claim volumes estimated to be down approximately 6% year-over-year.
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