CCC Intelligent Solutions Announces $300 Million Share Buyback

CCC Intelligent Solutions Takes Major Step with New Share Buyback

CCC Intelligent Solutions Holdings Inc. (the “Company”) (NASDAQ: CCCS), a prominent provider of cloud platforms for the property and casualty insurance market, has recently taken a decisive step to enhance shareholder value by approving a new share repurchase authorization. This authorization allows the Company to repurchase shares up to the amount of $300 million.

Details of the Share Repurchase Authorization

The repurchase program is designed to enable CCC Intelligent Solutions to purchase its outstanding common stock through various methods, including open market transactions, privately negotiated deals, or accelerated share repurchases. Importantly, the board's approval does not create an obligation for the Company to repurchase shares. The timing and volume of share repurchases will depend on various factors including available capital resources, market conditions, and management's discretion.

Funding for Share Purchases

It is noted that any share repurchases will be funded from the Company's available liquidity and its free cash flow. This strategic use of resources aims to align with the Company’s financial health and long-term objectives, ensuring that shareholders are poised for potential gains.

The Role of CCC Intelligent Solutions in the Market

CCC Intelligent Solutions stands at the forefront of technology within the multi-trillion-dollar P&C insurance industry, facilitating a digital transformation. The Company enhances the potential for intelligent experiences for various stakeholders including insurers, repair services, automakers, and parts suppliers.

Introducing the CCC Intelligent Experience (IX) Cloud™

At the heart of CCC's offerings is the CCC Intelligent Experience (IX) Cloud™ platform. This innovative solution leverages proven artificial intelligence and an event-based architecture to connect over 35,000 businesses. The platform allows for the development of tailored applications designed to maximize operational efficiency and deliver personalized experiences.

Driving Innovation and Connection

Through a commitment to purposeful innovation, CCC Intelligent Solutions empowers a wide range of industries, ensuring they have the tools necessary to keep operations running smoothly, especially when it matters the most. The Company’s focus on technological advancement is driving significant changes in the insurance landscape, providing critical support to its clients.

Growth and Future Expectations

As CCC Intelligent Solutions continues to implement its growth strategies, the new share repurchase authorization signals to the market its commitment to maximizing shareholder returns. Share buybacks often indicate a company’s confidence in its future performance, and CCC’s proactive measures may reflect its expected growth trajectory amidst a constantly evolving industry.

Frequently Asked Questions

What does the new share repurchase authorization mean for shareholders?

The new authorization allows CCC Intelligent Solutions to repurchase up to $300 million in shares, which may enhance shareholder value.

How will CCC fund the share buybacks?

The share repurchases will be funded from the Company’s available liquidity and free cash flow, ensuring financial stability.

What role does CCC play in the insurance industry?

CCC Intelligent Solutions provides cloud-based platforms that facilitate digital transformation within the P&C insurance sector, connecting various stakeholders.

What is the CCC Intelligent Experience Cloud?

The CCC Intelligent Experience (IX) Cloud™ is a platform that uses AI to connect businesses and create customized solutions for the insurance industry.

How often will repurchases occur?

The timing of repurchases may vary based on market conditions and the discretion of management, so there is no fixed schedule.

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