CCC Intelligent Solutions Holdings Inc.

Good day and thank you for standing by. Welcome to the CCC Intelligent Solutions conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Bill Warmington.

Thank you, Operator. Good morning and thank you all for joining us today to review CCC's second quarter 2026 financial results, which we announced in the press release issued earlier this morning. Joining me on the call are Githesh Ramamurthy, CCC's chairman and CEO, Rod Christo, CCC's interim CFO, Tim Welsh, CCC's president, and Katie Coleman, CCC's treasurer and GVP finance. The forward-looking statements we make today about the company's results and plans are subject to risks and uncertainties that may cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in the earnings releases available on our investor relations website and under the heading Risk Factors in our 2025 Annual Report on Form 10-K filed with the SEC. These comments and the Q&A that follows are copyrighted today by CCC Intelligent Solutions Holdings Inc. Any recording, retransmission, or reproduction, or other use of the same, for profit or otherwise, without prior consent of CCC is prohibited in a violation of United States copyright and other laws. Additionally, while we will provide a transcript of portions of this call, and we've approved the publishing of a transcript of this call by a third party, We take no responsibility for inaccuracies that may appear in the transcripts. Please note that the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the company's financial condition and the results of operations. The reconciliation of GAAP to non-GAAP measures is available in our earnings release and is available on our investor relations website. Thank you. And now I'll turn the call over to Githesh.

Thank you, Bill, and thanks to all of you for joining us today. I'm pleased to report that CCC delivered another quarter of solid top and bottom line results. These results reinforce our belief that CCC is becoming the connective layer for the insurance economy. Helping participants make informed decisions, take action, and operate more effectively across an increasingly complex ecosystem. In the second quarter of 2026, total revenue grew 10% year over year to $286 million, above the high end of our guidance range. Adjusted EBITDA was $115 million, also above the high end of our guidance range. Today, I'd like to focus on three themes that continue to frame both our near-term momentum and our long-term opportunity. The first, how CCC is thriving in an AI-driven world. The second is how that is translating into strong customer and revenue momentum. And third is how solving for rising complexity gives us confidence in CCC's Long-Term Growth Opportunity. Let me start with how CCC is winning in an AI-driven world. We are a scale player in AI today, generating more than $120 million of annualized revenue from AI-based solutions that are growing at nearly 50% year over year. But the more meaningful takeaway is what that growth tells us about how our customer behavior is evolving. Customers are increasingly focused on deploying CCC's AI to generate measurable business outcomes. Just as importantly, these deployments are frequently backed by multi-year commitments providing further evidence that customers view AI as a strategic priority and CCC as a long-term technology partner. Customers are not buying a model. They are buying business outcomes. They care about accuracy, efficiency, customer experience and economic value. We believe the greatest value from AI comes when it is embedded directly in customer workflows and decision points. That is where CCC's combination of AI, proprietary data, ecosystem connectivity and deeply integrated workflows can help customers operate More efficiently and make more informed decisions. To understand why this matters, I'll walk you through two examples. When a repair facility asks an insurer to approve a change to an estimate, the request triggers a review process that has historically been slow, manual, and passed back and forth by hand. CCC sits inside that exchange. As a result, customers can configure our AI-based tools based on their own rules and workflows to automate routine request handling and route exceptions for review when appropriate. The result is fewer manual reviews, faster decisions when a review is needed, and greater efficiency all without asking customers to change how they work. Insurers sell claims faster, repair facilities move cars through their base more efficiently, and drivers get back on the road sooner. Another example is parts. CCC sits at the center of the parts procurement process, connecting OEMs, suppliers, insurers, and repairers through a common platform. Nearly every major OEM now participates in CCC's parts network, and we are embedding AI throughout the procurement process to help streamline sourcing workflows and reduce administrative effort. By simplifying coordination across multiple participants and systems, CCC helps customers operate more efficiently while improving consistency and compliance with buyer policies. These are just two of dozens of essential business processes supported on the CCC platform. We help run day-to-day operations for over 900,000 users, powered by AI, trained on tens of millions of claims, and refined through years of real-world use. That combination of proprietary data, embedded decision points, and ecosystem connectivity is difficult to replicate and helps make CCC the network of action for the insurance economy. My second theme is how this positioning is translating into strong customer and revenue momentum. The strongest evidence of customer confidence is what customers demonstrate through multi-year deployments, contract expansions and adoption of new workflows. Last quote, We highlighted several important customer wins with Liberty Mutual and Allstate. Liberty Mutual decided to deploy a significant portion of its casualty business on the CCC platform and Allstate selected CCC for its third party casualty operations. This momentum continued during the second quarter with additional customer expansions and AI adoption milestones. For example, This quarter, we had two top five insurers expand their use of CCC's AI-enabled claims workflows through their deployment of our First Look solution. One of these carriers added First Look in conjunction with a multi-year extension of its autophysical damage solutions, while the other added it Under an existing multi-year agreement. These wins highlight the operational value of the solution. By identifying total loss earlier in the process, insurers can reduce rental and storage costs, repair facilities can focus capacity on repairable vehicles, and consumers receive faster claim resolution. In addition, last quarter we highlighted a top five insurer, that renewed and expanded its partnership with CCC through a new multi-year enterprise agreement covering our core APD platform and the full suite of AI-enabled APD solutions. This quarter, that same insurer further expanded its relationship with CCC, becoming the largest carrier yet to adopt our AI-powered subrogation solution with deployment scaling rapidly. These decisions by the industry's largest carriers underscore a broader trend. Insurers are increasingly moving AI from pilot programs to production-scale deployment across complex, high-value workflows where consistency and productivity matter most. Importantly, these deployments are occurring at renewal and mid-cycle. As customers gain confidence in the business value our solutions deliver, they're more frequently expanding their use of CCC's AI capabilities during existing contract terms. We are seeing similar adoption trends across repair facilities, especially large, Multi-Store Operators, or MSOs. The second quarter, we renewed and expanded our multi-year agreement with one of the nation's largest independent collision repair operators. This MSO has been a leader in adopting AI technology across its repair facility organization and was the first MSO to adopt mobile jumpstart back in 2025. Today, the organization uses Jumpstart to initiate approximately 98% of its repair estimates and is an early adopter of Mobile Jumpstart 2.0, which leverages agentic AI to support faster, more consistent estimate creation. These investments reflect the organization's continued commitment to using AI-enabled workflows to improve efficiency, support teammates and enhance the consumer experience. We are seeing strong adoption of AI-based solutions across other large MSOs as well, including double-digit increases in participating repair facilities and estimates initiated through Jumpstart. Importantly, this adoption is occurring across some of the industry's largest repair organizations reinforcing our view that AI-enabled workflows are becoming embedded in day-to-day operations at enterprise scale. Taken together, these examples demonstrate how AI adoption is moving beyond pilots into production across the industry's largest and most sophisticated insurers and repair organizations. Because these organizations typically conduct extensive testing Before deploying new technologies at scale, their move from evaluation to enterprise-wide adoption provides a powerful signal to the rest of the industry that AI-enabled workflows are delivering measurable business value. My third theme is how solving for rising complexity gives us confidence in CACC's long-term growth opportunity. Every claim creates its own supply chain, towing, diagnostics, parts sourcing, repair, calibration, rental, medical care, payments, and subrogation, coordinated across insurers, repairers, suppliers, OEMs, and consumers. As vehicles, medical procedures, and regulatory requirements continue to evolve and become more complex, Thank you for joining us today. Thank you for joining us today. ranging from towing and salvage to consumer engagement. One example of how connected workflows are creating value is our partnership with Sunbit which offers consumers an integrated financing option when they drop off their vehicles for repair. As insurance deductibles and repair costs continue to increase, this solution can help consumers manage out-of-pocket expenses while enabling repair facilities to convert more estimates into repair orders. Because the financing option is embedded directly into the repair workflow, consumers can access financing at the point of service without leaving the process. We have seen rapid adoption since launching the solution in April with more than 2000 shops onboarded and millions of dollars financed. In addition, One of the nation's largest MSOs has deployed the solution across its coast-to-coast network. Another example is our work with Tempus, a partner that helps insurers analyze, evaluate, and resolve medical claims. Rather than requiring adjusters to lead their claims workflow and engage separate vendors, these services are integrated directly into CCC's platform. allowing referrals, reviews, and outcomes to flow automatically through the process. Today, approximately 20 carriers use the integrated solution, including multiple top 10 insurers. A third example of how CCC helps coordinate increasingly specialized repair workflows is our expanding network of diagnostics partners. Diagnostic scans after an accident are key to modern vehicle repair, which often requires coordination among insurers, repair facilities, diagnostic providers, OEMs, and parts suppliers, each with information the others need to make decisions. Today we work with 10 diagnostics partners across the ecosystem. Our diagnostic solutions? helped create greater consistency in reporting, improve scan verification, and increase transparency between repairers and insurers. OEM customers have strongly endorsed these capabilities as critical to both repair quality and vehicle safety. In addition, several OEMs have extended their relationships with CCC through connected car initiatives Such as our accident advisor solution, which helps create a more seamless experience for drivers following an accident. As you can see from the examples we've discussed today, CCC is becoming the network of action for the insurance economy. For the past several years, we have developed the core components of that network across auto fiscal damage, casualty, subrogation, and adjacent work. As customers shift their AI expectations and deployments from inside generation to operational execution, we see opportunities for agentic orchestration to connect our deeply embedded workflows, improve coordination, streamline operations, and help our customers create better outcomes across the insurance economy. In closing, The common thread we see across all three themes is that customers are operationalizing AI through trusted workflows that connect the insurance economy. AI adoption, customer momentum, and rising complexity are reinforcing one another, strengthening CCC's leadership position and creating additional opportunities for growth. As AI becomes more deeply embedded in day-to-day claims operations, The value of CCC's trusted workflows, ecosystem connectivity, and decision enabling capabilities continues to increase. We believe these trends position CCC to deepen customer relationships, expand our role across the insurance economy, and create long-term value for customers and shareholders alike. Taken together, They reinforce our confidence in the durability of our business and the long-term growth opportunity ahead. With that, I'll turn the call over to Rod.