0000950170-22-007938 | 10-Q | XBRL Viewer | CCC Intelligent Solutions Holdings INC

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Schedule of Earnings Per Share, Basic and Diluted

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).


	For the Three Months Ended
	March 31,
	2022		2021
Numerator
Net income (loss)	$	11,975	$	(5,084	)
Denominator
Weighted average shares of common stock - basic		603,104,839		505,072,914
Dilutive effect of stock-based awards		37,923,571		—
Weighted average shares of common stock - diluted		641,028,410		505,072,914
Net income (loss) per share:
Basic	$	0.02	$	(0.01	)
Diluted	$	0.02	$	(0.01	)

Capital Stock	3 Months Ended
Mar. 31, 2022
Class of Stock [Line Items]
Capital Stock	16. 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 March 31, 2022, 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 (1) 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 613,758,126 and 609,768,296 shares of common stock issued and outstanding as of March 31, 2022 and December 31, 2021, respectively. Dividend—In March 2021, the board of directors of CCCIS declared a cash dividend on common stock. The aggregate cash dividend of $134.5 million was paid on March 17, 2021.

Capital Stock

3 Months Ended

Mar. 31, 2022

Class of Stock [Line Items]

Capital Stock

16.

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 March 31, 2022, 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 (1) 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 613,758,126 and 609,768,296 shares of common stock issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.

Dividend—In March 2021, the board of directors of CCCIS declared a cash dividend on common stock. The aggregate cash dividend of $134.5 million was paid on March 17, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Software, Equipment, And Property (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Software,Equipment and Property

Software, equipment, and property as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,			December 31,
	2022			2021
Software, licenses and database	$	148,097		$	140,692
Leasehold improvements		32,558			34,880
Computer equipment		32,248			31,635
Furniture and other equipment		3,340			5,343
Building and land		4,910			4,910
Total software, equipment, and property		221,153			217,460
Less accumulated depreciation and amortization		(81,352	)		(81,615	)
Net software, equipment, and property	$	139,801		$	135,845

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Asset Impairment Charges	$ 0	$ 0
Discount rate	9.00%

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Contract With Customer Asset And Liability [Line Items]

Summary of receivables contract assets and contract liabilities from contracts with customers

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities from contracts with customers are as follows (in thousands):


	March 31,		December 31,
	2022		2021
Accounts receivables-net of allowances	$	76,746	$	78,793
Deferred contract costs		15,645		15,069
Long-term deferred contract costs		21,303		22,117
Other assets (accounts receivable, non-current)		12,186		8,622
Deferred revenues		33,395		31,042
Other liabilities (deferred revenues, non-current)		1,505		1,574

Summary of deferred revenue

A summary of the activity impacting deferred revenue balances during the three months ended March 31, 2022 and 2021, is presented below (in thousands):


	For the Three Months Ended
	March 31,
	2022			2021
Balance at beginning of period	$	32,615		$	28,515
Revenue recognized1		(89,432	)		(80,963	)
Additional amounts deferred1		91,717			82,557
Balance at end of period	$	34,900		$	30,109

Classified as:
Current	$	33,395		$	28,100
Non-current		1,505			2,009
Total deferred revenue	$	34,900		$	30,109

1 Amounts include total revenue deferred and recognized during each respective period.

Summary of deferred contract costs

A summary of the activity impacting the deferred contract costs during the three months ended March 31, 2022 and 2021 is presented below (in thousands):


	For the Three Months Ended
	March 31,
	2022			2021
Balance at beginning of period	$	37,186		$	26,306
Costs amortized		(4,221	)		(3,705	)
Additional amounts deferred		3,983			3,953
Balance at end of period	$	36,948		$	26,554

Classified as:
Current	$	15,645		$	11,876
Non-current		21,303			14,678
Total deferred contract costs	$	36,948		$	26,554

Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Line Items]

Summary Of Other Liabilities

Other liabilities as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Software license agreement	$	3,065	$	4,211
Deferred revenue-non-current		1,505		1,574
Contingent consideration		200		—
Total	$	4,770	$	5,785

Other Current Assets

3 Months Ended

Mar. 31, 2022

Prepaid Expense And Other Assets Current [Line Items]

Other Current Assets

OTHER CURRENT ASSETS

Other current assets as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Non-trade receivables	$	9,409	$	8,321
Prepaid service fees		8,457		8,623
Prepaid software and equipment maintenance		6,241		7,593
Prepaid SaaS costs		5,344		5,909
Prepaid insurance		2,513		4,416
Other		12,049		11,319
Total	$	44,013	$	46,181

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill [Line Items]

Goodwill and Intangible Assets

12.

GOODWILL AND INTANGIBLE ASSETS

Goodwill—Goodwill was recorded in connection with business acquisitions.

No goodwill impairments were recorded during the three months ended March 31, 2022 and 2021.

For the year ended December 31, 2021, the Company performed its annual impairment assessment as of September 30, 2021, which indicated no impairment and there was no change to the carrying amount of goodwill.

Changes in the carrying amount of goodwill during the three months ended March 31, 2022 were as of follows:


			Accumulated			Net
			Impairment			Carrying
	Cost		Loss			Amount

Balance as of December 31, 2021		1,492,681		(25,797	)		1,466,884
Acquisition of Safekeep, Inc.		27,368		—			27,368
Balance as of March 31, 2022		1,520,049		(25,797	)		1,494,252

Intangible Assets—The Company’s intangible assets are primarily the result of business acquisitions.

During the three months ended March 31, 2022 and 2021, the Company did not record an impairment charge.

During the three months ended March 31, 2022, the Company recorded $4.8 million of acquired technology intangible assets as a result of the acquisition of Safekeep (see Note 4).

The intangible assets balance as of March 31, 2022, is reflected below (in thousands):


		Weighted-
		Average
	Estimated	Remaining		Gross					Net
	Useful Life	Useful Life		Carrying		Accumulated			Carrying
	(Years)	(Years)		Amount		Amortization			Amount
Customer relationships	16–18		13.1	$	1,299,750	$	(355,897	)	$	943,853
Acquired technologies	3–7	2.5			187,965		(129,013	)		58,952
Subtotal					1,487,995		(485,190	)		1,002,805
Trademarks—indefinite life					190,470		—			190,470
Total intangible assets				$	1,678,465	$	(485,190	)	$	1,193,275

The intangible assets balance as of December 31, 2021, is reflected below (in thousands):


		Weighted-
		Average
	Estimated	Remaining	Gross					Net
	Useful Life	Useful Life	Carrying		Accumulated			Carrying
	(Years)	(Years)	Amount		Amortization			Amount
Customer relationships	16–18	13.3	$	1,299,750	$	(337,831	)	$	961,919
Acquired technologies	3–7	2.3		183,164		(122,318	)		60,846
Favorable lease terms	6	0.3		280		(266	)		14
Subtotal				1,483,194		(460,415	)		1,022,779
Trademarks—indefinite life				190,470		—			190,470
Total intangible assets			$	1,673,664	$	(460,415	)	$	1,213,249

Amortization expense for intangible assets was $24.8 million and $24.7 million for the three months ended March 31, 2022 and 2021, respectively.

Future amortization expense for the remainder of the year ended December 31, 2022 and the following four years ended December 31 and thereafter for intangible assets as of March 31, 2022, is as follows (in thousands):


Years Ending December 31:
2021	$	74,455
2022		99,003
2023		81,417
2024		72,949
2025		72,949
Thereafter		602,032
Total	$	1,002,805

Stock Incentive Plans - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Detail)	3 Months Ended
	Mar. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	2 years 9 months 18 days
Expected volatility	35.00%
Expected dividend yield	0.00%
Risk-free interest rate	2.28%
Fair value at valuation date	$ 7.42

Stock Incentive Plans - Summary of Share-based Compensation Arrangements by Share-based Payment Award (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Shares - Beginning Balance	55,644,495
Shares - Exercised	(3,968,080)
Shares - Forfeited and canceled	(104,631)
Shares - Ending Balance	51,571,784	55,644,495
Shares - Exercisable	42,596,197
Shares - Vested and expected to vest	51,198,336
Weighted- Average Exercise Price - Beginning Balance	$ 2.95
Weighted- Average Exercise Price - Exercised	2.69
Weighted- Average Exercise Price - Forfeited and canceled	3.69
Weighted- Average Exercise Price - Ending Balance	2.97	$ 2.95
Weighted- Average Exercise Price - Exercisable	2.75
Weighted- Average Exercise Price - Vested and expected to vest	$ 2.95
Weighted-Average Remaining Contractual Life (in years)	5 years 9 months 18 days	6 years
Weighted-Average Remaining Contractual Life (in years) - Exercisable	5 years 7 months 6 days
Weighted-Average Remaining Contractual Life (in years) - Vested and expected to vest	5 years 9 months 18 days
Aggregate Intrinsic Value - Beginning Balance	$ 469,591
Aggregate Intrinsic Value - Ending Balance	416,210	$ 469,591
Aggregate Intrinsic Value - Exercisable	353,208
Aggregate Intrinsic Value - Vested and expected to vest	$ 414,180

Leases

3 Months Ended

Mar. 31, 2022

Leases [Line Items]

Leases

11.

LEASES

The Company leases real estate in the form of office space and data center facilities. Generally, the term for real estate leases ranges from 1 to 17 years at inception of the contract. Generally, the term for equipment leases is 1 to 3 years at inception of the contract. 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 months ended March 31, 2022 and 2021 were as follows (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Operating lease costs	$	3,566	$	4,594
Variable lease costs		837		602
Total lease costs	$	4,403	$	5,196

Supplemental cash flow and other information related to leases for the three months ended March 31, 2022 and 2021 were as follows (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Cash payments for operating leases	$	2,516	$	2,968
Operating lease assets obtained in exchange for lease liabilities		—		2,365

Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Cost	$ 1,520,049	$ 1,492,681
Accumulated Impairment Loss	25,797	25,797
Net Carrying Amount	1,494,252	$ 1,466,884
SafekeepInc [Member]
Goodwill [Line Items]
Cost	27,368
Accumulated Impairment Loss	0
Net Carrying Amount	$ 27,368

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 30, 2021	Apr. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Line of credit facility, expiration period		6 months
Debt instrument, annual principal payment					$ 525,000
Long-term Debt, Current Maturities		$ 8,000		$ 8,000
Repayment of long term debt		$ 2,000	$ 3,462
Federal Funds Effective Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		0.50%
London Interbank Offered Rate L I B O R [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.00%
First Lien Amendment [Member]
Debt Instrument [Line Items]
Debt issuance costs, net		$ 3,400
Line of credit facility, periodic payment, principal		3,500
First Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Debt issuance costs, net		27,600
Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt		798,000
Debt instrument, unamortized discount		1,900		1,900
Debt issuance costs, net		2,700		2,900
Unamortized financing costs		9,100		9,500
Line of credit facility, maximum borrowing capacity		$ 75,000
Percentage of aggregate commitments on borrowings		35.00%
Term Loans [Member]
Debt Instrument [Line Items]
Long Term Debt Floor Rate Percentage1		0.50%
Maximum [Member] \| Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Leverage ratio		0.0625
Minimum [Member] \| Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Leverage ratio		0.0100
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long Term Debt Floor Rate Percentage1		0.00%
Revolving Credit Facility [Member] \| London Interbank Offered Rate L I B O R [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.50%
Revolving Credit Facility [Member] \| Eurodollar [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate		1.00%
Revolving Credit Facility [Member] \| First Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 100,000
First Lien Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, annual principal payment						$ 1,500	$ 21,900
Weighted average interest rate of debt outstanding			4.10%
Interest Expense, Debt			$ 13,400
Percentage of annual excess cash flow on line of credit		50.00%
Interest Expense, Debt			$ 13,400
Repayment of long term debt	$ 804,200
First Lien Term Loan [Member] \| First Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 1,000,000
Proceeds from issuance of long-term debt		997,500
Debt instrument, unamortized discount		$ 2,500
First Lien Term Loan [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End		3.00%
First Lien Revolvers [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 91,300
Line of Credit Facility, Commitment Fee Percentage		0.50%
First Lien Revolvers [Member] \| First Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 30,000
Incremental Term Loan [Member] \| First Lien Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term line of credit		375,000
Proceeds from issuance of long-term debt		373,100
Debt instrument, unamortized discount		1,900
Standby Letters of Credit [Member] \| Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		700
Term B Loan [Member] \| Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term line of credit		800,000
Debt instrument, unamortized discount		2,000
Debt issuance costs, net		9,800
Line of credit facility, periodic payment, principal		2,000
Debt instrument, annual principal payment		0
Long-term debt		798,000		800,000
Long-term Debt, Current Maturities		$ 8,000		8,000
Line of Credit Facility, Commitment Fee Percentage		0.50%
Weighted average interest rate of debt outstanding		3.00%
Interest Expense, Debt		$ 5,900
Percentage of annual excess cash flow on line of credit		50.00%
Interest Expense, Debt		$ 5,900
Term B Loan [Member] \| Maximum [Member] \| Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, expiration period		6 years 1 month 9 days
Term B Loan [Member] \| Minimum [Member] \| Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Line of credit facility, expiration period		6 years 10 months 24 days
Two Thousand and Twenty one Revolving Credit Facility [Member] \| Two Thousand and Twenty one Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term line of credit		$ 250,000
Debt issuance costs, net		3,100
Line of Credit Facility, Current Borrowing Capacity		$ 249,300		$ 249,300

Business Acquisition (Tables)

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Schedule of Business Acquisitions by Acquisition

The acquisition date fair value of the consideration transferred was $32.5 million, which consisted of the following (in thousands):


Cash paid through closing	$	32,300
Fair value of contingent earnout consideration		200
Total acquisition date fair value of the consideration transferred	$	32,500

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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:
Current assets	$	150
Intangible asset - acquired technology		4,800
Deferred tax assets		314
Total assets acquired		5,264
Liabilities assumed:
Current liabilities		132
Total liabilities assumed		132
Net assets acquired		5,132
Goodwill		27,368
Total purchase price	$	32,500

Legal Proceedings and contingencies	3 Months Ended
Legal Proceedings and contingencies	Mar. 31, 2022
Loss Contingencies [Line Items]
Legal Matters and Contingencies	20. 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.

Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) - Private Warrants [Member]	Mar. 31, 2022 yr
Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	4.3
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.35
Expected dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	0.0243
Fair value at valuation date
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Liability, Measurement Input	3.39

Software, Equipment, And Property - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 6.8	$ 5.2

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation—The condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2022 and 2021, the condensed consolidated statements of mezzanine equity and stockholders’ equity for the three months ended March 31, 2022 and 2021, and the condensed consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 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 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, 2021.

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, 2021. There have been no material changes to the significant accounting policies during the three months ended March 31, 2022.

Basis of Accounting

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 subsidiaries 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

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, the estimates and assumptions associated with stock incentive plans, and the preliminary measurement of expected contingent consideration in connection with business acquisitions.

Revenue Recognition

Revenue Recognition—The Company’s revenue recognition policy follows guidance from Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

The Company generates revenue from contracts that are generally billed either on a monthly subscription or transactional basis. Other revenue primarily consists of professional services revenue that is generally transaction-based (where a fee per transaction is charged). Revenues are recognized as control of these services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

The Company determines revenue recognition based on the application of the following steps:

•

Identification of the contract, or contracts, with a customer

•

Identification of the performance obligation(s) in the contract

•

Determination of the transaction price

•

Allocation of the transaction price to the performance obligation(s) in the contract

•

Recognition of revenue when, or as a performance obligation is satisfied

Software Subscription Revenues—Software services are hosted and provide customers with the right to use the hosted software over the contract period without taking possession of the software and are generally billed on either a monthly subscription or transactional basis. Revenues related to services billed on a subscription basis are recognized ratably over the contract period as this is the time period over which services are transferred to the customer, generally between three and five years.

Revenues from subscription services represent a stand-ready obligation to provide access to the Company’s platform. As each day of providing services is substantially the same and the customer simultaneously receives and consumes the benefits as access is provided, subscription arrangements include a series of distinct services. The Company may provide certain of its customers with implementation activities such as basic setup, installation and initial training that the Company must undertake to fulfill the contract. These are considered fulfillment activities that do not transfer the service to the customer.

For contracts with fixed and variable consideration, to the extent that customers’ usage exceeds the committed contracted amounts under their subscriptions, they are charged for their incremental usage. For such overage fees, the Company includes an estimate of the amount it expects to receive for the total transaction price if it is probable that a significant reversal of cumulative revenue recognized will not occur. Revenue recognized from overage fees was not material during the three months ended March 31, 2022 and 2021. When customers’ usage falls below the committed contracted amounts, the customer does not receive any credits or refunds for the shortfall.

For contracts where fees are solely based on transaction volume, the amount invoiced corresponds directly with the value provided to the customer, and revenue is recognized when invoiced using the as-invoiced practical expedient.

Other Revenue—Other revenues are recognized over time as the services are performed and consist of professional services and other non-software services. Other revenues are generally invoiced monthly in arrears.

Revenues related to such services that are billed on a transactional basis are recognized when the transaction for the related service occurs. Transaction revenue is primarily comprised of fees for professional services applied to the volume of transactions. These are typically based on a per-unit rate and are invoiced for the same period in which the transactions were processed and as the performance obligation is satisfied. For contracts with transaction fees, the amount invoiced corresponds directly with the value provided to the customer, and revenue is recognized when invoiced using the as-invoiced practical expedient.

Contracts with Multiple Performance Obligations—The Company’s contracts with customers can include access to different software applications such as CCC workflow, estimating, valuation and analytics, each of which is its own performance obligation. These additional services are either sold on a standalone basis or could be used on their own with readily available resources. For these contracts, the Company accounts for individual performance obligations separately, if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The standalone selling price for distinct performance obligations is generally based on directly observable pricing. In instances where

standalone selling price is not directly observable, the Company determines standalone selling price based on overall pricing objectives, which take into consideration observable data, market conditions and entity-specific factors.

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 months ended March 31, 2022 and 2021 (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Software subscriptions	$	179,818	$	152,026
Other		7,005		5,763
Total revenues	$	186,823	$	157,789

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 March 31, 2022, approximately $1,327 million of revenue is expected to be recognized from remaining performance obligations in the amount of approximately $525 million during the following twelve months, and approximately $802 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.

Contract Liabilities—Contract liabilities consist of deferred revenue and include customer billings in advance of revenues being recognized from subscription contracts and professional services. Deferred revenue that is expected to be recognized during the succeeding twelve-month period is recorded as current, and the remaining portion is recorded as noncurrent and included within other liabilities on the condensed consolidated balance sheets.

Revenue recognized for the three months ended March 31, 2022 from amounts in deferred revenue as of December 31, 2021 was $29.7 million. Revenue recognized for the three months ended March 31, 2021 from amounts in deferred revenue as of December 31, 2020 was $25.0 million.

Costs to Obtain and Fulfill the Contract—The Company defers costs that are considered to be incremental and recoverable costs of obtaining a contract with a customer, including sales commissions. Costs to fulfill contracts are capitalized when such costs are direct and related to implementation activities for hosted software solutions. Capitalized costs to obtain a contract and costs to fulfill a contract are generally amortized over a period between three and five years, which represents the expected period of benefit of these costs and corresponds to the contract period. In instances where the contract term is significantly less than three years, costs to fulfill are amortized over the contract term which the Company believes best reflects the period of benefit of these costs.

Stock-Based Compensation

Stock-Based Compensation—The Company’s stock-based compensation plans are described in Note 17. The Company accounts for stock-based payment awards based on the grant date fair value. The incremental fair value of modifications to stock-based payment awards is estimated at the date of modification. Stock-based payment awards that are settled in cash are accounted for as liabilities. The Company recognizes stock-based compensation expense for only the portion of awards expected to vest, based on an estimated forfeiture rate.

The Company recognizes stock-based compensation expense for time-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. Stock-based compensation expense for performance-based awards with a market condition is not recognized until the performance condition is probable of occurring.

The fair value of restricted stock units with only a time-based vesting component or a performance-based vesting component is determined using the quoted price of our common stock on the date of grant.

The fair value of the Company’s stock options with only a time-based component is estimated using the Black-Scholes option pricing model.

The fair value of the Company’s performance-based awards with a market condition is estimated using a Monte Carlo simulation model. The assumptions utilized under these methods require judgments and estimates. Changes in these inputs and assumptions could affect the measurement of the estimated fair value of the related compensation expense of these stock-based payment awards.

Stock-based compensation expense related to purchase rights issued under the 2021 Employee Stock Purchase Plan ("ESPP") is based on the Black-Scholes option-pricing model fair value of the estimated number of awards as of the beginning of the offering period. Stock-based compensation expense is recognized using the straight-line method over the offering period.

Goodwill and Intangible Assets

Goodwill and Intangible Assets—Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are subjected to an annual impairment test as of September 30 of each fiscal year, or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. Testing goodwill and intangible assets for impairment involves comparing the fair value of the reporting unit or intangible asset to its carrying value. If the carrying amount of a reporting unit or intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to the excess, up to the carrying value of the goodwill or intangible asset.  There were no events or changes in circumstances that indicated the carrying value may not be recoverable and no impairment charges related to goodwill or indefinite-lived intangible assets were recognized for the three months ended March 31, 2022 and 2021

BusinessCombinations

Business Combinations—The Company allocates the purchase consideration of acquired companies to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date, with the excess recorded to goodwill. These estimates are inherently uncertain and subject to refinement. During the measurement period, which may be up to one year from the acquisition date, adjustments may be recorded to the fair value 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. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the condensed consolidated statements of operations and comprehensive income (loss).

The Company estimates the fair value of contingent consideration related to business combinations on the date of acquisition (see Note 4). The fair value of the contingent consideration is remeasured each reporting period, with any change in the fair value recorded within the condensed consolidated statements of operations and comprehensive income (loss).

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements—Effective January 1, 2022, the Company adopted ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU is intended to reduce the complexity of accounting for income taxes. Changes include treatment of hybrid tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, separate financial statements of legal entities not subject to tax, intra period tax allocation, ownership changes in investments, interim-period accounting for enacted changes in tax law, and year-to-date loss limitation in interim-period tax accounting. The adoption of ASU 2019-12 did not have a material impact on the Company's condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements—In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments, and subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, and ASU 2020-03. The guidance amends the current accounting guidance and requires the measurements of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. The new guidance replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance is effective for the Company on January 1, 2023 and early adoption is permitted. The Company is currently assessing the impact of this update on its condensed consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and in January 2021 subsequently issued ASU 2021-01, which refines the scope of Topic 848. These ASUs provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. Adoption of the expedients and exceptions is permitted upon issuance of ASU 2020-04 through December 31, 2022. The Company is currently assessing the impact of this update on its condensed consolidated financial statements.

Segment Information And Information About Geographic Areas - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022 Segment
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of operating segments	1

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowances for doubtful accounts receivable current	$ 4,161	$ 3,791
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	5,000,000,000	5,000,000,000
Common Stock, Shares, Issued	613,758,126	609,768,296
Common Stock, Shares, Outstanding	613,758,126	609,768,296

Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense And Other Assets Current [Line Items]
Non-trade receivables	$ 9,409	$ 8,321
Prepaid service fees	8,457	8,623
Prepaid software and equipment maintenance	6,241	7,593
Prepaid SaaS costs	5,344	5,909
Prepaid Insurance	2,513	4,416
Other	12,049	11,319
Total	$ 44,013	$ 46,181

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Line Items]
Revenue remaining performance obligation amount	$ 1,327,000,000
Revenue remaining performance obligation revenue to be recognized year 2021	525,000,000
Revenue remaining performance obligation revenue to be recognized thereafter	802,000,000
Deferred revenue, revenue recognized	29,700,000	$ 25,000,000.0
Goodwill, Impairment Loss	$ 0	$ 0

Stock Incentive Plans - Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - Cypress Holdings Inc And Subsidiaries [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 23,644	$ 12,654
Cost of Revenues [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	849	219
Research and development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	3,530	575
Sales and marketing [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	4,830	555
General and administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 14,435	$ 11,305

Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 17, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Shares authorized total		5,000,000,000
Common stock par or stated value per share		$ 0.0001		$ 0.0001
Common stock shares issued		613,758,126		609,768,296
Common stock shares outstanding		613,758,126		609,768,296
Stock issued during the period shares stock options exercised		3,968,080
Payment of dividend classified as financing activities	$ 134,500
Preferred stock shares issued		0		0
Preferred stock shares outstanding		0		0
Preferred stock shares authorised		100,000,000		100,000,000
Preferred stock par or stated value per share		$ 0.0001		$ 0.0001
Common stock shares description of voting rights		one
Deemed distribution to CCCIS option holders		$ 0	$ 134,549
Common Class A [Member]
Class of Stock [Line Items]
Common stock par or stated value per share		$ 0.0001

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 11,975,000	$ (5,084,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of software, equipment, and property	6,807,000	5,153,000
Amortization of intangible assets	24,775,000	24,657,000
Deferred income taxes	(21,223,000)	(6,079,000)
Stock-based compensation	23,644,000	12,654,000
Amortization of deferred financing fees	474,000	1,150,000
Amortization of discount on debt	65,000	194,000
Change in fair value of interest rate swaps	0	(3,277,000)
Change in fair value of warrant liabilities	2,136,000	0
Non-cash lease expense	1,228,000	909,000
Loss on disposal of software, equipment and property	795,000	0
Gain on sale of cost method investment	(3,578,000)	0
Other	26,000	15,000
Changes in:
Accounts receivable—Net	2,043,000	6,184,000
Deferred contract costs	(576,000)	41,000
Other current assets	2,187,000	(1,061,000)
Deferred contract costs—Non-current	814,000	(288,000)
Other assets	(10,805,000)	2,106,000
Operating lease assets	1,316,000	2,372,000
Income taxes	20,370,000	(907,000)
Accounts payable	4,825,000	4,344,000
Accrued expenses	(16,460,000)	(4,348,000)
Operating lease liabilities	(1,986,000)	(1,655,000)
Deferred revenues	2,353,000	1,580,000
Other liabilities	(68,000)	(426,000)
Net cash provided by operating activities	46,865,000	38,234,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of software, equipment, and property	(14,280,000)	(4,637,000)
Acquisition of Safekeep, Inc., net of cash acquired	(32,227,000)	0
Proceeds from sale of cost method investment	3,892,000	0
Purchase of intangible asset	0	(49,000)
Net cash used in investing activities	(42,615,000)	(4,686,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend to CCCIS stockholders	0	(134,549,000)
Principal payments on long-term debt	(2,000,000)	(3,462,000)
Proceeds from issuance of common stock	0	1,007,000
Proceeds from exercise of stock options	10,691,000	503,000
Net cash provided by (used in) financing activities	8,691,000	(136,501,000)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	12,000	9,000
NET CHANGE IN CASH AND CASH EQUIVALENTS	12,953,000	(102,944,000)
Beginning of period	182,544,000	162,118,000
End of period	195,497,000	59,174,000
NONCASH INVESTING AND FINANCING ACTIVITIES:
Unpaid liability related to software, equipment, and property	0	24,000
Contingent consideration related to business acquisition	200,000	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	6,783,000	17,422,000
Cash received (paid) for income taxes—Net	$ 45,000	$ (3,906,000)

Commitments

3 Months Ended

Mar. 31, 2022

Other Commitments [Line Items]

Commitments and Contingencies

19.

COMMITMENTS

Purchase Obligations—The Company has long-term agreements with suppliers and other parties related to licensing data used in its products and services, outsourced data center, disaster recovery, and software as a service that expire at various dates through 2031. As of March 31, 2022, there were no material changes from the amounts disclosed as of December 31, 2021.

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.

Related Parties

3 Months Ended

Mar. 31, 2022

Related Parties

21.

ReLATED PARTIES

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

The Company recognized revenue from a customer that is affiliated with one of its principal equity owners. The Company recognized revenue of $0.1 million from the related party customer during the three months ended March 31, 2022. The amount of revenue recognized during the three months ended March 31, 2021 and the associated receivable from the customer at March 31, 2022 and December 31, 2021 were de minimis.

The Company incurred expenses for employee health insurance benefits with an entity affiliated with one of its principal equity owners. During the three months ended March 31, 2022 and March 31, 2021, the Company incurred expenses of $0.8 and $0.7 million, respectively. The associated payable as of March 31, 2022 and December 31, 2021 was $0.2 million.

The Company incurred expenses for human resource support services with an entity affiliated with one of its principal equity owners. During the three months ended March 31, 2022 and 2021, the Company incurred associated expenses of $0.1 million. The associated payable for the human resource support services was de minimis at March 31, 2022 and December 31, 2021.

The Company incurred expenses for sales tax processing services and license fees for tax information with an entity affiliated with one of its board members. During the three months ended March 31, 2022, the Company incurred expenses with the affiliated entity of $0.2 million. During the three months ended March 31, 2021, the amount of expense recognized was de minimis. The associated payable for tax processing services was $0.1 million at March 31, 2022. There was no associated payable at December 31, 2021.

The Company reimburses its principal equity owners for services and any related travel and out-of-pocket expenses. During the three months ended March 31, 2022, the Company's expenses for services, travel and out-of-pocket expenses were de minimis. During the three months ended March 31, 2021, the Company incurred expenses for reimbursement for services, travel, and out-of-pocket expenses of $0.1 million. The associated payable was de minimis as of March 31, 2022 and December 31, 2021.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company’s effective tax benefit rate for the three months ended March 31, 2022 was (7.8)% compared to the effective tax rate for the three months ended March 31, 2021 of 37.7%.

The effective tax rate for the three months ended March 31, 2022 was lower than the March 31, 2021 effective tax rate primarily due to the tax benefit received related to share-based compensation expense as well as the tax benefit associated with the re-measurement of the company’s deferred tax liability for changes in state tax rates.

The Company made income tax payments of $5 thousand and $3.9 million for the three months ended March 31, 2022 and 2021, respectively. The Company received refunds from various states totaling $50 thousand and $16 thousand for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, unrecognized tax benefits were materially consistent with the amount at December 31, 2021. We anticipate this amount will decrease to $3.4 million over the following twelve months, as the increase related to fiscal year 2022 is offset by decreases related to statute expirations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Instrument [Line Items]

Summary Of Long Term Debt

Long-term debt as of March 31, 2022 and December 31, 2021, consists of the following (in thousands):


	March 31,			December 31,
	2022			2021
Term B Loan	$	798,000		$	800,000
Term B Loan—discount		(1,861	)		(1,926	)
Term B Loan—deferred financing fees		(9,143	)		(9,464	)
Term B Loan—net of discount & fees		786,996			788,610
Less: Current portion		(8,000	)		(8,000	)
Total long-term debt—net of current portion	$	778,996		$	780,610

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 195,497	$ 182,544
Accounts receivable - Net of allowances of $4,161 and $3,791 for March 31, 2022 and December 31, 2021, respectively	76,746	78,793
Income taxes receivable	71	318
Deferred contract costs	15,645	15,069
Other current assets	44,013	46,181
Total current assets	331,972	322,905
SOFTWARE, EQUIPMENT, AND PROPERTY—Net	139,801	135,845
OPERATING LEASE ASSETS	34,690	37,234
INTANGIBLE ASSETS—Net	1,193,275	1,213,249
GOODWILL	1,494,252	1,466,884
DEFERRED FINANCING FEES, REVOLVER—Net	2,746	2,899
DEFERRED CONTRACT COSTS	21,303	22,117
Equity method investments	10,228	10,228
OTHER ASSETS	36,630	26,165
TOTAL	3,264,897	3,237,526
CURRENT LIABILITIES:
Accounts payable	16,935	12,918
Accrued expenses	50,257	66,691
Income taxes payable	27,366	7,243
Current portion of long-term debt	8,000	8,000
Current portion of long-term licensing agreement—Net	2,745	2,703
Operating lease liabilities	5,821	8,052
Deferred revenues	33,395	31,042
Total current liabilities	144,519	136,649
LONG-TERM DEBT - Net	778,996	780,610
DEFERRED INCOME TAXES—Net	254,208	275,745
LONG-TERM LICENSING AGREEMENT—Net	32,926	33,629
OPERATING LEASE LIABILITIES	56,378	56,133
WARRANT LIABILITIES	60,342	62,478
OTHER LIABILITIES	4,770	5,785
Total liabilities	1,332,139	1,351,029
MEZZANINE EQUITY:
Redeemable non-controlling interest	14,179	14,179
STOCKHOLDERS' EQUITY:
Preferred stock-$0.0001 par; 100,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - $0.0001 par; 5,000,000,000 shares authorized; 613,758,126 and 609,768,296 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	61	61
Additional paid-in capital	2,653,201	2,618,924
Accumulated deficit	(734,377)	(746,352)
Accumulated other comprehensive loss	(306)	(315)
Total stockholders' equity	1,918,579	1,872,318
TOTAL	$ 3,264,897	$ 3,237,526

Stock Incentive Plans - Schedule of Non-vested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested RSUs - December 31, 2021 \| shares	18,558,211
Granted \| shares	14,315,680
Vested \| shares	(38,884)
Forfeited \| shares	(153,849)
Non-vested RSUs - March 31, 2022 \| shares	32,681,158
Non-vested RSUs - December 31, 2021 \| $ / shares	$ 10.74
Granted \| $ / shares	10.20
Vested \| $ / shares	10.25
Forfeited \| $ / shares	11.25
Non-vested RSUs - March 31, 2022 \| $ / shares	$ 10.50

Accounts Receivable - Schedule of Changes to the Allowance for Doubtful Accounts and Sales Reserves (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Balance at beginning of period	$ 3,791	$ 4,224
Charges to bad debt and sales reserves	1,232	1,066
Write-offs, net	(862)	(1,359)
Balance at end of period	$ 4,161	$ 3,931

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	25. SUBSEQUENT eVENTs Secondary Offering—During April 2022, certain existing shareholders completed a secondary offering where the selling shareholders sold 20,000,000 shares of common stock at a price to the public of $9.70 per share. In addition, the selling shareholders granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of the Company’s common stock at the same per share price. The Company did not receive any of the proceeds from the sale of the shares by the existing stockholders. In connection with the offering, the Company incurred costs of $0.9 million during the three months ended March 31, 2022, included within general and administrative expenses on the condensed consolidated statement of operations and comprehensive income (loss).

Gain on Sale of Cost Method Investment - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Proceeds from sale of equity method investments	$ 3.9
Cost method investments recognized gains	$ 3.6
Cost method investments carrying value		$ 0.3

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common stock shares issued		613,758,126	609,768,296
Common stock par or stated value per share		$ 0.0001	$ 0.0001
Offering cost incurred		$ 0.9
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock shares issued	20,000,000
Common stock par or stated value per share	$ 9.70
Stock repurchased during period, shares	3,000,000

Business Acquisition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Business Combinations [Abstract]
Current assets	$ 150
Intangible asset-acquired technology	4,800
Deferred tax assets	314
Total assets acquired	5,264
Current liabilities	132
Total liabilities assumed	132
Net assets acquired	5,132
Goodwill	27,368
Total purchase price	$ 32,500

Goodwill and Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets Future Amortization Expense [Line Items]
2021	$ 74,455
2022	99,003
2023	81,417
2024	72,949
2025	72,949
Thereafter	602,032
Total	$ 1,002,805	$ 1,022,779

Net Income (Loss) Per Share - Schedule Of Earnings Per Share, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income (loss)	$ 11,975	$ (5,084)
Denominator
Weighted average shares of common stock - basic	603,104,839	505,072,914
Dilutive effect of stock based awards	$ 37,923,571
Weighted average shares of common stock - diluted	641,028,410	505,072,914
Net income (loss) per share:
Basic	$ 0.02	$ (0.01)
Diluted	$ 0.02	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

Other Liabilities

3 Months Ended

Mar. 31, 2022

Other Liabilities Disclosure [Line Items]

Other Liabilities

14.

OTHER LIABILITIES

Other liabilities as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Software license agreement	$	3,065	$	4,211
Deferred revenue-non-current		1,505		1,574
Contingent consideration		200		—
Total	$	4,770	$	5,785

Business Acquisition

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Business Acquisition

BUSINESS ACQUISITION

On February 8, 2022, the Company completed its acquisition of Safekeep, Inc. (“Safekeep”), a privately held company that leverages AI to streamline and improve subrogation management across auto, property, workers’ compensation and other insurance lines of business. Leveraging Safekeep’s AI-enabled subrogation solutions, the acquisition will broaden the Company’s portfolio of cloud-based solutions available to its insurance customers.

In exchange for all the outstanding shares of Safekeep, the Company paid total cash consideration of $32.3 million upon closing. In accordance with the acquisition agreement, the Company placed $6.0 million in escrow for a general indemnity holdback to be paid to the sellers within 15 months of closing subject to reduction for certain indemnifications and other potential obligations of the selling shareholders.

As additional consideration for the shares, the acquisition agreement includes a contingent earnout for additional cash consideration. The potential amount of the earnout is calculated as a multiple of revenue, above a defined floor, during the 12-month measurement period ending December 31, 2024 and is not to exceed $90.0 million. The preliminary fair value of the contingent consideration as of the acquisition date of $0.2 million was estimated using a Monte Carlo simulation model that relies on unobservable inputs, including management estimates and assumptions. Thus, the contingent earnout is a Level 3 measurement.

The acquisition date fair value of the consideration transferred was $32.5 million, which consisted of the following (in thousands):


Cash paid through closing	$	32,300
Fair value of contingent earnout consideration		200
Total acquisition date fair value of the consideration transferred	$	32,500

The acquisition was accounted for as a business combination and reflects the application of acquisition accounting in accordance with ASC Topic 805, Business Combinations. The total purchase consideration was allocated to the assets acquired and liabilities assumed based on their fair values as of the acquisition date with the excess purchase price assigned to goodwill. The goodwill was primarily attributable to the expected synergies from the combined service offerings and the value of the acquired workforce. The goodwill is not deductible for tax purposes.

The Company’s preliminary estimates of the fair values of the assets acquired, liabilities assumed and contingent consideration are based on information that was available at the date of the acquisition and the Company is continuing to evaluate the underlying inputs and assumptions used in its valuations. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the date of acquisition.

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:
Current assets	$	150
Intangible asset - acquired technology		4,800
Deferred tax assets		314
Total assets acquired		5,264
Liabilities assumed:
Current liabilities		132
Total liabilities assumed		132
Net assets acquired		5,132
Goodwill		27,368
Total purchase price	$	32,500

The developed technology intangible asset acquired has an estimated useful life of seven years. The acquired technology intangible asset is being amortized on a straight-line basis.

The fair value of the acquired technology intangible asset was determined by valuation models based on estimates of future operating projections as well as judgments on the discount rates and other variables. This fair value measurement is based on significant unobservable inputs, including management estimates and assumptions and thus represents a Level 3 measurement.

The transaction costs associated with the acquisition were approximately $1.1 million, which are included in general and administrative expenses within the condensed consolidated statement of operations and comprehensive income (loss) for the three months ended March 31, 2022.

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Line Items]

Summary of Lease Cost

The components of lease expense for the three months ended March 31, 2022 and 2021 were as follows (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Operating lease costs	$	3,566	$	4,594
Variable lease costs		837		602
Total lease costs	$	4,403	$	5,196

Summary of Supplemental Cash Flow and other Information Related to Leases

Supplemental cash flow and other information related to leases for the three months ended March 31, 2022 and 2021 were as follows (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Cash payments for operating leases	$	2,516	$	2,968
Operating lease assets obtained in exchange for lease liabilities		—		2,365

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis—As of March 31, 2022, the Company's Private Warrants and contingent consideration liability related to a business acquisition are measured at fair value on a recurring basis.

The Private Warrants are valued using Level 1 and Level 2 inputs within the Black-Scholes option-pricing model. The assumptions utilized under the Black-Scholes option pricing model require judgments and estimates. Changes in these inputs and assumptions could affect the measurement of the estimated fair value of the Private Warrants. Accordingly, the Private Warrants are classified within Level 2 of the fair value hierarchy.

The valuation of the Private Warrants as of March 31, 2022 was determined using the Black-Scholes option pricing model using the following assumptions:


Expected term (in years)		4.3
Expected volatility		35	%
Expected dividend yield		0	%
Risk-free interest rate		2.43	%
Fair value at valuation date	$	3.39

The contingent consideration liability related to the acquisition of Safekeep (see Note 4) is recorded at our preliminary estimate of fair value on the acquisition date and is adjusted each reporting period for changes in fair value, which can result from changes in anticipated payments and changes in assumed discount rates. These inputs are unobservable in the market and therefore categorized as Level 3 inputs.

The preliminary estimated fair value of the contingent consideration at March 31, 2022 was determined using probability-weighted discounted cash flows and a Monte Carlo simulation model. The discount rate, based on the Company's estimated cost of debt, was 9.0%.

There were no changes in the estimated fair value of the Company's contingent consideration liability from the date of the business acquisition to March 31, 2022.

The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at March 31, 2022 (in thousands):


Liabilities	Fair Value		Level 1		Level 2		Level 3
Contingent consideration related to business acquisition	$	200	$	—	$	—	$	200
Private warrants		60,342		—		60,342		—
Total	$	60,542	$	—	$	60,342	$	200

The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands):


Liabilities	Fair Value		Level 1		Level 2		Level 3
Private warrants	$	62,478	$	—	$	62,478	$	—
Total	$	62,478	$	—	$	62,478	$	—

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 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. During the three months ended March 31, 2022 and 2021, the Company recognized no impairment related to these assets.

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


	March 31, 2022				December 31, 2021
	Carrying		Estimated		Carrying		Estimated
Description	Amount		Fair Value		Amount		Fair Value
Term B Loan, including current portion	$	796,139	$	791,018	$	798,073	$	799,000

The fair value of the Company’s long-term debt, including current maturities, was estimated based on the 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements - Summary of Carrying Amounts and Estimated Fair Value of the Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 796,139	$ 798,073
Estimated Fair Value [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 791,018	$ 799,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Segment Information And Information About Geographic Areas (Tables)

3 Months Ended

Mar. 31, 2022

Revenues from External Customers and Long-Lived Assets [Line Items]

Schedule of revenues by geographic area

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


	For the Three Months Ended
	March 31,
	2022		2021
United States	$	184,839	$	155,986
China		1,984		1,803
Total revenues	$	186,823	$	157,789

Schedule of software, equipment and property, net by geographic area

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


	March 31,		December 31,
	2022		2021
United States	$	139,749	$	135,784
China		52		61
Total software, equipment and property-net	$	139,801	$	135,845

Stock Incentive Plans

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock Incentive Plans

17.

STOCK INCENTIVE PLANS

In connection with the closing of the Business Combination, the 2021 Equity Incentive Plan (the "2021 Plan") was adopted and approved by the Company's board of directors.

Prior to the Business Combination, the Company maintained its 2017 Stock Option Plan (the “2017 Plan”).

Upon the adoption and approval of the 2021 Plan, the 2017 Plan was terminated and each outstanding vested or unvested option, as required under the 2017 Plan, was converted to the 2021 Plan, multiplied by the Exchange Ratio, with the same key terms and vesting requirements.

Awards granted under the 2017 Plan had time-based vesting or performance-based with a market condition vesting requirement. Options expire on the tenth anniversary of the grant date.

Additionally, the Company maintained a Phantom Stock Plan (the “Phantom Plan”), which provided for the issuance of phantom shares of CCCIS’s common stock (“Phantom Shares”) to eligible employees under the 2017 Plan. Awards under the Phantom Plan were settled in cash and thus accounted for as liability awards.

Phantom shares vested under the same time-based or performance-based with a market condition as the stock options granted under the 2017 Plan. Upon consummation of the Business Combination, the outstanding Phantom Shares were settled in cash in November 2021.

Stock Options—The table below summarizes the option activity for the three months ended March 31, 2022:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
				Average		Contractual		Intrinsic
				Exercise		Life		Value
	Shares			Price		(in years)		(in thousands)
Options outstanding—December 31, 2021		55,644,495		$	2.95		6.0	$	469,591
Exercised		(3,968,080	)		2.69
Forfeited and canceled		(104,631	)		3.69
Options outstanding—March 31, 2022		51,571,784		$	2.97		5.8	$	416,210
Options exercisable—March 31, 2022		42,596,197		$	2.75		5.6	$	353,208
Options vested and expected to vest—March 31, 2022		51,198,336		$	2.95		5.8	$	414,180

The fair value of the options vested during the three months ended March 31, 2022 was $1.7 million.

Restricted Stock Units—Restricted Stock Units (“RSUs”) are convertible into shares of the Company’s common stock upon vesting.

During the three months ended March 31, 2022, the Company granted 14,315,680 RSUs, of which 12,966,746 have time-based vesting requirements, 674,491 have performance-based vesting requirements and 674,443 have performance-based with a market condition vesting requirements.

The valuation of the performance-based RSUs with a market condition granted during the three months ended March 31, 2022 was determined using a Monte Carlo simulation model using the following assumptions:


Expected term (in years)	2.8
Expected volatility	35%
Expected dividend yield	0%
Risk-free interest rate	2.28%
Fair value at valuation date	$	7.42

The table below summarizes the RSU activity for the three months ended March 31, 2022:


				Weighted-
				Average
	Shares			Fair Value
Non-vested RSUs—December 31, 2021		18,558,211		$	10.74
Granted		14,315,680			10.20
Vested		(38,884	)		10.25
Forfeited		(153,849	)		11.25
Non-vested RSUs—March 31, 2022		32,681,158			10.50

Employee Stock Purchase Plan—As of March 31, 2022, 6,031,714 shares of common stock are reserved for sale under the ESPP. The aggregate number of shares reserved for sale under the ESPP increases on January 1 by the lesser of 1% of the total numbers of shares outstanding or a lesser amount as determined by the board of directors.

As of March 31, 2022, no shares had been sold under the ESPP.

Stock-Based Compensation—Stock-based compensation expense has been recorded in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as follows for the three months ended March 31, 2022 and 2021 (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Cost of revenues	$	849	$	219
Research and development		3,530		575
Sales and marketing		4,830		555
General and administrative		14,435		11,305
Total stock-based compensation expense	$	23,644	$	12,654

As of March 31, 2022, there was $214.7 million of unrecognized stock compensation expense related to non-vested time-based awards which is expected to be recognized over a weighted-average period of 3.6 years. As of March 31, 2022, there was $105.6 million of unrecognized stock-based compensation expense related to non-vested performance-based awards.

Organization and Nature of Operations

3 Months Ended

Mar. 31, 2022

Text Block [Abstract]

Organization and Nature of Operations

ORGANIZATION AND nature of operations

CCC Intelligent Solutions Holdings Inc., a Delaware corporation, is a leading provider of innovative cloud, mobile, telematics, hyperscale technologies, and applications for the property and casualty (“P&C”) insurance economy. Our cloud-based software as a service (“SaaS”) platform connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence ("AI") enabled digital workflows. Our platform digitizes workflows and connects companies across the P&C insurance economy, including insurance carriers, collision repairers, parts suppliers, automotive manufacturers, financial institutions, and others.

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. On February 2, 2021, CCCIS entered into the Business Combination Agreement with Dragoneer. In connection with the closing of the Business Combination (see Note 3), 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.

Accounts Receivable

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Accounts Receivable

accounts receivable

Accounts receivable–net as of March 31, 2022 and December 31, 2021, consists of the following (in thousands):


	March 31,			December 31,
	2022			2021
Accounts receivable	$	80,907		$	82,584
Allowance for doubtful accounts and sales reserves		(4,161	)		(3,791	)
Accounts receivable–net	$	76,746		$	78,793

Changes to the allowance for doubtful accounts and sales reserves during the three months ended March 31, 2022 and 2021, consists of the following (in thousands):


	For the Three Months Ended
	March 31,
	2022			2021
Balance at beginning of period	$	3,791		$	4,224
Charges to bad debt and sales reserves		1,232			1,066
Write-offs, net		(862	)		(1,359	)
Balance at end of period	$	4,161		$	3,931

Business Combination - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Share price	$ 7.42
Business acquisition cost of acquired entity transaction costs	$ 763.3
Common stock shares outstanding	613,758,126	609,768,296
Retroactively Restated Based on Shares [Member] \| Prior to Reverse Recapitalization [Member]
Business Acquisition [Line Items]
Exchange ratio established in business combination	1:340.5507
After The Business Combination [Member]
Business Acquisition [Line Items]
Common stock shares outstanding	603,170,380
Company Earnout Shares [Member]
Business Acquisition [Line Items]
Issuance of common stock (Shares)	15,000,000.0
Share Price Greater Than Or Equal to USD Thirteen Per Share [Member] \| Company Earnout Shares [Member]
Business Acquisition [Line Items]
Share price	$ 13.00
Share Price Greater Than Or Equal to USD Fifteen Per Share [Member] \| Company Earnout Shares [Member]
Business Acquisition [Line Items]
Share price	$ 15.00
Number of trading days used to determine the share price	20 days
Number of consecutive trading days used to determine the share price	30 days
Sponsor Vesting Shares [Member]
Business Acquisition [Line Items]
Number of shares non transferable and subject to forfeiture	8,625,000
Sponsor Vesting Shares [Member] \| Share Price Greater Than Or Equal to USD Thirteen Per Share [Member]
Business Acquisition [Line Items]
Number of trading days used to determine the share price	20 days
Number of consecutive trading days used to determine the share price	30 days
Forward Purchase Agreement [Member] \| Prior to the Closing [Member]
Business Acquisition [Line Items]
Share price	$ 10.00
Number of forward purchase units issued during period shares new issues	17,500,000
Shares issued, price per share	$ 11.50
PIPE Investors [Member] \| Subscription Agreement [Member]
Business Acquisition [Line Items]
Issuance of common stock (Shares)	15,000,000
Share price	$ 10.00

Revenue - Summary of receivables contract assets and contract liabilities from contracts with customers (Detail) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Contract With Customer Asset And Liability [Line Items]
Accounts receivables-net of allowances	$ 76,746,000	$ 78,793,000
Deferred contract costs	15,645,000	15,069,000	$ 11,876,000
Long-term deferred contract costs	21,303,000	22,117,000	14,678,000
Other assets (accounts receivable, non-current)	12,186	8,622
Deferred revenues	33,395,000	31,042,000	28,100,000
Other liabilities (deferred revenues, non-current)	$ 1,505,000	$ 1,574,000	$ 2,009,000

Commitments - Additional Information (Detail)	3 Months Ended
Commitments - Additional Information (Detail)	Mar. 31, 2022
Long Term Purchasing Agreement Relating To Licensing Data Used [Member]
Other Commitments [Line Items]
Long term purchase commitement month of expiry	2031

Leases - Summary of Supplemental Cash Flow and Other Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Line Items]
Cash payments for operating leases	$ 2,516	$ 2,968
Operating lease assets obtained in exchange for lease liabilities	$ 0	$ 2,365

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Line Items]
Compensation	$ 32,666	$ 49,510
Professional services	3,396	2,371
Software license agreement	3,270	3,265
Sales tax	2,949	2,296
Royalties and licenses	2,822	2,640
Employee insurance benefits	2,136	2,443
Other	3,018	4,166
Total	$ 50,257	$ 66,691

Segment Information And Information About Geographic Areas - Schedule of Software, Equipment and Property, Net by Geographic Area (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total software, equipment and property-net	$ 139,801	$ 135,845
Americas [Member] \| Property Plant And Equipment Net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	139,749	135,784
China [Member] \| Property Plant And Equipment Net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 52	$ 61

Software, Equipment, And Property

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Software, Equipment, and Property

10.

SOFTWARE, EQUIPMENT, AND PROPERTY

Software, equipment, and property as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,			December 31,
	2022			2021
Software, licenses and database	$	148,097		$	140,692
Leasehold improvements		32,558			34,880
Computer equipment		32,248			31,635
Furniture and other equipment		3,340			5,343
Building and land		4,910			4,910
Total software, equipment, and property		221,153			217,460
Less accumulated depreciation and amortization		(81,352	)		(81,615	)
Net software, equipment, and property	$	139,801		$	135,845

Depreciation and amortization expense related to software, equipment and property was $6.8 million and $5.2 million for the three months ended March 31, 2022 and 2021, respectively.

Leases - Additional Information (Detail)	Mar. 31, 2022
Maximum [Member] \| Office Space and Data Center Facilities [Member]
Leases [Line Items]
Operating lease term	17 years
Operating lease term extension	5 years
Maximum [Member] \| Equipment Leases [Member]
Leases [Line Items]
Operating lease term	3 years
Minimum [Member] \| Office Space and Data Center Facilities [Member]
Leases [Line Items]
Operating lease term	1 year
Operating lease term extension	3 years
Minimum [Member] \| Equipment Leases [Member]
Leases [Line Items]
Operating lease term	1 year

Revenue

3 Months Ended

Mar. 31, 2022

Disaggregation of Revenue [Line Items]

Revenue

REvenue

The opening and closing balances of the Company’s receivables, contract assets and contract liabilities from contracts with customers are as follows (in thousands):


	March 31,		December 31,
	2022		2021
Accounts receivables-net of allowances	$	76,746	$	78,793
Deferred contract costs		15,645		15,069
Long-term deferred contract costs		21,303		22,117
Other assets (accounts receivable, non-current)		12,186		8,622
Deferred revenues		33,395		31,042
Other liabilities (deferred revenues, non-current)		1,505		1,574

A summary of the activity impacting deferred revenue balances during the three months ended March 31, 2022 and 2021, is presented below (in thousands):


	For the Three Months Ended
	March 31,
	2022			2021
Balance at beginning of period	$	32,615		$	28,515
Revenue recognized1		(89,432	)		(80,963	)
Additional amounts deferred1		91,717			82,557
Balance at end of period	$	34,900		$	30,109

Classified as:
Current	$	33,395		$	28,100
Non-current		1,505			2,009
Total deferred revenue	$	34,900		$	30,109

1 Amounts include total revenue deferred and recognized during each respective period.

The Company may occasionally recognize an adjustment in revenue in the current period for performance obligations partially or fully satisfied in the previous periods resulting from changes in estimates for the transaction price, including any changes to the Company’s assessment of whether an estimate of variable consideration is constrained. For the three months ended March 31, 2022 and 2021, the impact on revenue recognized in the current period, from performance obligations partially or fully satisfied in the previous period, was not significant.

A summary of the activity impacting the deferred contract costs during the three months ended March 31, 2022 and 2021 is presented below (in thousands):


	For the Three Months Ended
	March 31,
	2022			2021
Balance at beginning of period	$	37,186		$	26,306
Costs amortized		(4,221	)		(3,705	)
Additional amounts deferred		3,983			3,953
Balance at end of period	$	36,948		$	26,554

Classified as:
Current	$	15,645		$	11,876
Non-current		21,303			14,678
Total deferred contract costs	$	36,948		$	26,554

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Noncurrent [Line Items]
Software license agreement	$ 3,065	$ 4,211
Deferred revenue-non-current	1,505	1,574
Contingent consideration	200
Total	$ 4,770	$ 5,785

Summary of Significant Accounting Policies - Summarizes Revenue By Type of Service (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 186,823	$ 157,789
Software Subscriptions [Member]
Accounting Policies [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	179,818	152,026
Other Services [Member]
Accounting Policies [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 7,005	$ 5,763

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Line Items]
Goodwill impairment	$ 0	$ 0
Amortization of Intangible Assets	18,080,000	18,077,000
GOODWILL	1,494,252,000		$ 1,466,884,000
Subsidiaries
Goodwill And Intangible Assets Disclosure [Line Items]
Goodwill impairment			0
Impairment charge	0	$ 0
Amortization of Intangible Assets	24.8		24,700,000
GOODWILL			$ 0
Acquired Technologies [Member] \| Subsidiaries
Goodwill And Intangible Assets Disclosure [Line Items]
Acquired intangible assets	$ 4,800,000

Stock Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Share-based Compensation Arrangements by Share-based Payment Award

The table below summarizes the option activity for the three months ended March 31, 2022:


						Weighted-
						Average
				Weighted-		Remaining		Aggregate
				Average		Contractual		Intrinsic
				Exercise		Life		Value
	Shares			Price		(in years)		(in thousands)
Options outstanding—December 31, 2021		55,644,495		$	2.95		6.0	$	469,591
Exercised		(3,968,080	)		2.69
Forfeited and canceled		(104,631	)		3.69
Options outstanding—March 31, 2022		51,571,784		$	2.97		5.8	$	416,210
Options exercisable—March 31, 2022		42,596,197		$	2.75		5.6	$	353,208
Options vested and expected to vest—March 31, 2022		51,198,336		$	2.95		5.8	$	414,180

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


Expected term (in years)	2.8
Expected volatility	35%
Expected dividend yield	0%
Risk-free interest rate	2.28%
Fair value at valuation date	$	7.42

Schedule of Non-vested Restricted Stock Units Activity

The table below summarizes the RSU activity for the three months ended March 31, 2022:


				Weighted-
				Average
	Shares			Fair Value
Non-vested RSUs—December 31, 2021		18,558,211		$	10.74
Granted		14,315,680			10.20
Vested		(38,884	)		10.25
Forfeited		(153,849	)		11.25
Non-vested RSUs—March 31, 2022		32,681,158			10.50

Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount


	For the Three Months Ended
	March 31,
	2022		2021
Cost of revenues	$	849	$	219
Research and development		3,530		575
Sales and marketing		4,830		555
General and administrative		14,435		11,305
Total stock-based compensation expense	$	23,644	$	12,654

Warrants

3 Months Ended

Mar. 31, 2022

Warrants and Rights Note Disclosure [Abstract]

Warrants

18.

WARRANTS

Upon consummation of the Business Combination (see Note 3), the Company assumed the outstanding Public Warrants and Private Warrants issued by Dragoneer.

As of March 31, 2022 and December 31, 2021, the Company had 17,800,000 Private Warrants outstanding and no Public Warrants outstanding.

Public Warrants were only able to be exercised for a whole number of shares of the Company’s common stock. All Public 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.

Redemptions of warrants when the price per share equals or exceeds $18.00—At any time while the warrants were exercisable, the Company could redeem not less than all of the outstanding warrants (except as described with respect to the Private Warrants):

•

at a price of $0.01 per warrant;

•

upon a minimum of 30 days prior written notice of redemption to each warrant holder; and

•

if, and only if, the closing price of the Company’s common shares equals or exceeds $18.00 per share (as adjusted) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

When the warrants became redeemable by the Company, the Company could exercise its redemption right even if it was unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemptions of warrants when the price per share equals or exceeds $10.00—At any time while the warrants were exercisable, the Company could redeem not less than all of the outstanding warrants (except as described with respect to the Private Warrants):

•

at a price of $0.10 per warrant;

•

upon a minimum of 30 days prior written notice of redemption provided holders will be able to exercise their warrants on a “cashless basis” prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the fair market value of the Company’s common stock; and

•

if, and only if, the closing price of the Company’s common stock equals or exceeds $10.00 per share (as adjusted) on the trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

On November 29, 2021, the Company announced that it had elected to redeem all of the outstanding Public Warrants on December 29, 2021. Each Public Warrant not exercised before 5:00 p.m. Eastern Daylight Time on December 29, 2021 was redeemed by the Company for $0.10 and the Public Warrants subsequently ceased trading on the New York Stock Exchange.

Of the 17,299,983 Public Warrants that were outstanding as of the closing of the Business Combination, 10,638 warrants were exercised for cash proceeds of $0.1 million and 15,876,341 were exercised on a cashless basis in exchange for an aggregate of 4,826,339 shares of common stock. The Company paid $0.1 million to redeem the remaining 1,413,004 unexercised Public Warrants. As of December 31, 2021, there were no Public Warrants outstanding.

The Private Warrants are identical to the Public Warrants underlying the shares sold in Dragoneer’s initial public offering. Additionally, the Private Warrants are exercisable on a cashless basis and are non-redeemable, except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Private Warrants may only be exercised for a whole number of shares of the Company’s common stock. Each whole Private Warrant entitles the registered holder to purchase one share of the Company’s common stock. All warrants have an exercise price of $11.50 per share, subject to adjustment, beginning on August 29, 2021, and will expire on July 30, 2026 or earlier upon redemption or liquidation.

There were no exercises or redemptions of the Private Warrants during the three months ended March 31, 2022.

The Company recognized income of $2.1 million as a change in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2022.

At March 31, 2022 and December 31, 2021, the Company’s warrant liability was $60.3 and $62.5 million, respectively.

Revenue - Summary of deferred contract costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Balance at beginning of period	$ 37,186	$ 26,306
Costs amortized	(4,221)	(3,705)
Additional amounts deferred	3,983	3,953
Balance at end of period	36,948	26,554
Classified as:
Current	15,645	11,876	$ 15,069
Non-current	21,303	14,678	22,117
Total deferred contract costs	$ 36,948	$ 26,554	$ 37,186

Leases - Summary of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Line Items]
Operating lease costs	$ 3,566	$ 4,594
Variable lease costs	837	602
Total lease costs	$ 4,403	$ 5,196

Accrued Expenses

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Line Items]

Accrued Expenses

13.

ACCRUED EXPENSES

Accrued expenses as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Compensation	$	32,666	$	49,510
Professional services		3,396		2,371
Software license agreement		3,270		3,265
Sales tax		2,949		2,296
Royalties and licenses		2,822		2,640
Employee insurance benefits		2,136		2,443
Other		3,018		4,166
Total	$	50,257	$	66,691

Gain on Sale of Cost Method Investment	3 Months Ended
Gain on Sale of Cost Method Investment	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Gain on Sale of Cost Method Investment	24. GAIN ON Sale of cost method investment During February 2022, the Company received cash proceeds of $3.9 million in exchange for its equity interest in an investee as a result of the acquisition of the investee. The Company had been accounting for its investment using the cost method and recognized a gain of $3.6 million upon receipt of the cash. The investment’s carrying value was $0.3 million and was included within other assets on the accompanying condensed consolidated balance sheet at December 31, 2021. The Company no longer has any ownership interest in the investee.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill [Line Items]

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill during the three months ended March 31, 2022 were as of follows:


			Accumulated			Net
			Impairment			Carrying
	Cost		Loss			Amount

Balance as of December 31, 2021		1,492,681		(25,797	)		1,466,884
Acquisition of Safekeep, Inc.		27,368		—			27,368
Balance as of March 31, 2022		1,520,049		(25,797	)		1,494,252

Summary of Intangible Assets Balance

The intangible assets balance as of March 31, 2022, is reflected below (in thousands):


		Weighted-
		Average
	Estimated	Remaining		Gross					Net
	Useful Life	Useful Life		Carrying		Accumulated			Carrying
	(Years)	(Years)		Amount		Amortization			Amount
Customer relationships	16–18		13.1	$	1,299,750	$	(355,897	)	$	943,853
Acquired technologies	3–7	2.5			187,965		(129,013	)		58,952
Subtotal					1,487,995		(485,190	)		1,002,805
Trademarks—indefinite life					190,470		—			190,470
Total intangible assets				$	1,678,465	$	(485,190	)	$	1,193,275

The intangible assets balance as of December 31, 2021, is reflected below (in thousands):


		Weighted-
		Average
	Estimated	Remaining	Gross					Net
	Useful Life	Useful Life	Carrying		Accumulated			Carrying
	(Years)	(Years)	Amount		Amortization			Amount
Customer relationships	16–18	13.3	$	1,299,750	$	(337,831	)	$	961,919
Acquired technologies	3–7	2.3		183,164		(122,318	)		60,846
Favorable lease terms	6	0.3		280		(266	)		14
Subtotal				1,483,194		(460,415	)		1,022,779
Trademarks—indefinite life				190,470		—			190,470
Total intangible assets			$	1,673,664	$	(460,415	)	$	1,213,249

Schedule of Future Amortization Expense for Intangible Assets


Years Ending December 31:
2021	$	74,455
2022		99,003
2023		81,417
2024		72,949
2025		72,949
Thereafter		602,032
Total	$	1,002,805

Business Acquisition - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 08, 2022	Feb. 28, 2022	Mar. 31, 2022	Dec. 31, 2024
Business Acquisition [Line Items]
Total purchase price			$ 32,500
Maximum [Member]
Business Acquisition [Line Items]
Business Acquisition Potential Earn Out Amount				$ 90,000
SafekeepInc [Member]
Business Acquisition [Line Items]
Total purchase price	$ 32,300
Escrow Deposit Disbursements Related to Property Acquisition		$ 6,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 200
Fair value of consideration transferred			32,500
Business Combination, Acquisition Related Costs			$ 1,100
Estimated useful life			7 years

Accounts Receivable - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable	$ 80,907	$ 82,584
Allowance for doubtful accounts and sales reserves	(4,161)	(3,791)	$ (3,931)	$ (4,224)
Accounts receivable–net	$ 76,746	$ 78,793

Related Parties - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue from related parties	$ 0.1
Human Resource Support Services [Member]
Related party transaction out of pocket expenses	0.1	$ 0.1
Employee Health Insurance Benefits Expenses [Member]
Associated payables	0.2		$ 0.2
Revenue from related parties	0.8	0.7
Sales Tax Processing Services Member
Related party transaction out of pocket expenses	0.2
Associated payables	$ 0.1		$ 0.0
Private Equity Sponsor [Member] \| Related Travel And Out Of Pocket Expenses [Member]
Related party transaction out of pocket expenses		$ 0.1

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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Long-Term Debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: Current portion	$ (8,000)	$ (8,000)
Total long-term debt—net of current portion	778,996	780,610
Term B Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross	798,000	800,000
Long-term debt—discount	(1,861)	(1,926)
Long-term debt—deferred financing fees	(9,143)	(9,464)
Long-term debt—net of discount & fees	$ 786,996	$ 788,610

- Definition

+ References + Details

Segment Information And Information About Geographic Areas - Schedule of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 186,823	$ 157,789
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from Contract with Customer By Geographic Area	184,839	155,986
China [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from Contract with Customer By Geographic Area	$ 1,984	$ 1,803

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Long-Term Licensing Agreement - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
LongTerm Licensing Agreement [Line Items]
Contract with customer, liability	$ 34,900	$ 32,615	$ 30,109	$ 28,515

Warrants - Additional Information (Detail) - USD ($)		3 Months Ended
Warrants - Additional Information (Detail) - USD ($)	Nov. 29, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Exercise price		$ 11.50	$ 11.50
Warrants expire date		Jul. 30, 2026
Share price		$ 7.42
Class Or Warrant Issued Price Per Share	$ 0.10
Class of Warrant or Right, Date from which Warrants or Rights Exercisable		Aug. 29, 2021
Change in fair value of warrant liabilities		$ 2,136,000	$ 0
Class Of Warrant Or Rights Date From Which Warrants Or Rights Exercisable Expired		Jul. 30, 2026
Warrant liabilities		$ 60,342,000		$ 62,478,000
Triggering Share Price One [Member]
Class of Warrant or Right [Line Items]
Warrants redemption price		$ 0.01
Share price		18.00
Triggering Share Price Two [Member]
Class of Warrant or Right [Line Items]
Warrants redemption price		0.10
Share price		$ 10.00
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	17,299,983	17,800,000		17,800,000
Class of warrant or right number of securities called by each warrant or right	10,638
Proceeds from Warrant Exercises	$ 100,000
Payments for Repurchase of Warrants	$ 100,000
Class Of Warrants And Rights Issued During The Period	15,876,341
Class of Warrant or Right, Unissued	1,413,004
Warrants and Rights Outstanding				$ 0
Public Warrants [Member] \| Common Class A [Member]
Class of Warrant or Right [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	4,826,339

Revenue - Summary of deferred revenue (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Contract With Customer Liability [Line Items]

Balance at beginning of period

$ 32,615

$ 28,515

Revenue recognized1

^[1]

(89,432)

(80,963)

Additional amounts deferred1

^[1]

91,717

82,557

Balance at end of period

34,900

30,109

Classified as:

Current

33,395

28,100

$ 31,042

Non-current

1,505

2,009

1,574

Total deferred revenue

$ 34,900

$ 30,109

$ 32,615

[1]	Amounts include total revenue deferred and recognized during each respective period.

Business Combination

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Business Combination

BUSINESS COMBINATION

On July 30, 2021, the Company consummated the previously announced Business Combination pursuant to the terms of the Business Combination Agreement, dated as of February 2, 2021, as amended, by and among Dragoneer, Chariot Opportunity Merger Sub, Inc. (“Chariot Merger Sub”), a Delaware corporation, and CCCIS, a Delaware corporation.

Immediately upon the consummation of the Business Combination and the Transactions, Chariot Merger Sub, a wholly-owned direct subsidiary of Dragoneer, merged with and into CCCIS, with CCCIS surviving the Business Combination as a wholly-owned direct subsidiary of Dragoneer (“Merger”). In connection with the Transactions, Dragoneer changed its name to “CCC Intelligent Solutions Holdings Inc.”

The Merger was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Dragoneer was treated as the acquired company for accounting purposes and the Business Combination was treated as the equivalent of CCCIS issuing stock for the net assets of Dragoneer, accompanied by a recapitalization.

The net assets of Dragoneer are stated at historical cost, with no goodwill or other intangible assets recorded. Reported shares and earnings per share available to holders of CCCIS’s capital stock and equity awards prior to the Business Combination have been retroactively restated reflecting the exchange ratio of 1:340.5507 ("Exchange Ratio").

Pursuant to the Merger, at the Effective Time of the Merger (the “Effective Time”):

•

each share of CCCIS common stock that was issued and outstanding immediately prior to the Effective Time was automatically canceled and converted into the right to receive shares of the Company’s common stock based on the Exchange Ratio, rounded down to the nearest whole number of shares;

•

each option to purchase shares of CCCIS common stock, whether vested or unvested, that was outstanding and unexercised as of immediately prior to the Effective Time was assumed by the Company and became an option (vested or unvested, as applicable) to purchase a number of shares of the Company’s common stock equal to the number of shares of CCCIS common stock subject to such option immediately prior to the Effective Time multiplied by the Exchange Ratio, rounded down to the nearest whole number of shares, at an exercise price equal to the exercise price per share of such option immediately prior to the Effective Time divided by the Exchange Ratio and rounded up to the nearest whole cent;

•

each of Dragoneer’s redeemable Class A ordinary share and Class B ordinary share that was issued and outstanding immediately prior to the Effective Time was exchanged for an equal number of shares of the Company’s common stock.

Concurrently with the execution of the Business Combination Agreement, the Company entered into subscription agreements with certain institutional investors (the “PIPE Investors”), pursuant to which the PIPE Investors purchased, immediately prior to the closing, an aggregate of 15,000,000 shares of the Company’s common stock at a purchase price of $10.00 per share.

Prior to the closing, the Company entered into forward purchase agreements with Dragoneer Funding LLC and Willett Advisors LLC, pursuant to which the Company issued an aggregate of 17,500,000 forward purchase units, each consisting of one common share and one-fifth of one Public Warrant to purchase one common share for $11.50 per share, for a purchase price of $10.00 per unit.

Effective upon Closing, 8,625,000 shares held by Dragoneer Growth Opportunities Holdings (the “Sponsor Vesting Shares”) became non-transferable and subject to forfeiture on the tenth anniversary of Closing if neither of the following triggering events has occurred: (a) the share price of the Company’s common stock has been greater than or equal to $13.00 per share for any twenty trading days within any thirty consecutive trading day period beginning after Closing, or (b) a change in control as defined in the Business Combination Agreement. The Sponsor Vesting Shares do not meet the criteria to be classified as a liability and are presented within stockholders’ equity.

As part of the Business Combination, 15.0 million shares of the Company’s common stock (the “Company Earnout Shares”) shall be issued to CCCIS shareholders existing as of immediately prior to Closing and holders of vested and unvested equity awards of CCCIS as of the date of the Business Combination Agreement (subject to continued employment), following a triggering event (“CCC Triggering Event”). A CCC Triggering Event is defined as the earlier of (a) the first date on which the shares of the Company’s common stock have traded for greater than or equal to $15.00 per share for any twenty trading days within any thirty consecutive trading day period commencing after the closing or (b) a change in control as defined in the Business Combination Agreement. If a CCC Triggering Event does not occur within ten years after Closing, the CCC Earnout Shares are forfeited.

The Company Earnout Shares are not issued shares and are excluded from the Company's issued and outstanding shares within its condensed consolidated statements of mezzanine equity and stockholders' equity.

Upon Closing, the Company received net cash contributions of $763.3 million and had 603,170,380 shares of common stock outstanding.

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income
REVENUES	$ 186,823,000	$ 157,789,000
COST OF REVENUES
Cost of revenues, exclusive of amortization of acquired technologies	42,701,000	38,013,000
Amortization of acquired technologies	6,695,000	6,580,000
Total cost of revenues	49,396,000	44,593,000
GROSS PROFIT	137,427,000	113,196,000
OPERATING EXPENSES:
Research and development	35,681,000	30,624,000
Selling and marketing	26,802,000	19,417,000
General and administrative expenses	44,207,000	37,839,000
Amortization of intangible assets	18,080,000	18,077,000
Total operating expenses	124,770,000	105,957,000
OPERATING (LOSS) INCOME	12,657,000	7,239,000
INTEREST EXPENSE	(7,341,000)	(18,766,000)
GAIN (LOSS) ON CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS	0	3,277,000
Gain on Sale of Cost Method Investment	3,578,000	0
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES	(2,136,000)	0
OTHER INCOME - Net	(82,000)	87,000
PRETAX INCOME (LOSS)	11,112,000	(8,163,000)
INCOME TAX BENEFIT	(863,000)	(3,079,000)
NET (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST	11,975,000	(5,084,000)
Less: net income (loss) attributable to non-controlling interest	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.	$ 11,975,000	$ (5,084,000)
Earnings Per Share, Basic and Diluted [Abstract]
Basic	$ 0.02	$ (0.01)
Diluted	$ 0.02	$ (0.01)
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders:
Basic	603,104,839	505,072,914
Diluted	641,028,410	505,072,914
COMPREHENSIVE (LOSS) INCOME:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 11,975,000	$ (5,084,000)
Other comprehensive gain (loss)—Foreign currency translation adjustment	9,000	7,000
COMPREHENSIVE (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST	11,984,000	(5,077,000)
Less: comprehensive (loss) income attributable to non-controlling interest	0	0
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.	$ 11,984,000	$ (5,077,000)

Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Instrument [Line Items]

Long-Term Debt

15.

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 (the “2021 Credit Agreement”).

The 2021 Credit Agreement replaced the Company’s 2017 First Lien Credit Agreement (the “First Lien Credit Agreement”), dated as of April 27, 2017, as amended as of February 14, 2020.

The proceeds of the 2021 Credit Agreement were used to repay all outstanding borrowings under the First Lien Credit Agreement.

2021 Credit Agreement—The 2021 Credit Agreement consists of an $800.0 million term loan (“Term B Loan”) and a revolving credit facility for an aggregate principal amount of $250.0 million (the “2021 Revolving Credit Facility”). The 2021 Revolving Credit Facility has a sublimit of $75.0 million for letters of credit. The Company received proceeds of $798.0 million, net of debt discount of $2.0 million, related to the Term B Loan. At March 31, 2022 and December 31, 2021, the unamortized debt discount was $1.9 million.

The Company incurred $9.8 million in financing costs related to the Term B Loan. These costs were recorded to a contra debt account and are being amortized to interest expense over the term of the Term B Loan using the effective interest method. As of March 31, 2022 and December 31, 2021, the unamortized financing costs were $9.1 million and $9.5 million, respectively.

The Company incurred $3.1 million in financing costs related to the 2021 Revolving Credit Facility. 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 using the effective interest method. As of March 31, 2022 and December 31, 2021, the deferred financing fees asset balance was $2.7 million and $2.9 million, respectively.

Beginning with the quarter ending March 31, 2022, the Term B Loan requires quarterly principal payments of $2.0 million until June 30, 2028, with the remaining outstanding principal amount required to be paid on the maturity date, September 21, 2028. Beginning with the year ending December 31, 2022, the Term B 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 March 31, 2022, the Company was not subject to the annual excess cash flow calculation and no such principal prepayments are required.

As of March 31, 2022 and December 31, 2021, the amount outstanding on the Term B Loan is $798.0 million and $800.0 million, respectively. As of March 31, 2022 and December 31, 2021, $8.0 million of the amount outstanding on the Term B Loan is classified as current in the accompanying condensed consolidated balance sheets.

Borrowings under the 2021 Credit Facility bear interest at rates based on the ratio of the Company’s and its subsidiaries’ consolidated first lien net indebtedness to the Company’s and its subsidiaries’ consolidated EBITDA for applicable periods specified in the 2021 Credit Facility. The interest rate per annum applicable to the loans under the 2021 Credit Facility are 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:

(1)

a base rate determined by reference to the highest of (a) the rate last quoted by the Wall Street Journal as the “prime rate,” (b) the federal funds effective rate plus 0.50%, (c) one-month LIBOR plus 1.00% and (d) with respect to the Term B Loans, 1.50% and with respect to the Revolving Credit Facility, 1.00%, or

(2)

a Eurocurrency rate determined by reference to LIBOR (other than with respect to Euros, Euribor and with respect to British Pounds Sterling, 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).

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 March 31, 2022, the weighted-average interest rate on the outstanding borrowings under the Term B Loan was 3.0%. The Company made interest payments of $5.9 during the three months ended March 31, 2022.

The Company issued a standby letter of credit for $0.7 million during 2021 which reduces the amount available to be borrowed under the 2021 Revolving Credit Facility and at March 31, 2022 and December 31, 2021, $249.3 million was available to be borrowed.

Borrowings under the 2021 Lien Credit Agreement are guaranteed by Cypress Intermediate Holdings II, Inc., and certain of its US subsidiaries by a perfected first priority lien on the stock of CCC Intelligent Solutions Inc., and substantially all of its assets, subject to various limitations and exceptions.

The 2021 Credit Agreement contains representations and warranties, and affirmative and negative covenants, that among other things, restrict, subject to certain exceptions, our ability to: incur additional indebtedness, incur liens, engage in mergers, consolidations, liquidations or dissolutions; pay dividends and distributions on, or redeem, repurchase or retire our capital stock; and make certain investments, acquisitions, loans, or advances.

In addition, beginning with the three months ended March 31, 2022, 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, the Company’s leverage ratio cannot exceed 6.25 to 1.00. As of March 31, 2022, the Company was not subject to the financial covenant.

First Lien Credit Agreement—In April 2017, the Company entered into the First Lien Credit Agreement.

The First Lien Credit Agreement consisted of a $1.0 billion term loan (“First Lien Term Loan”) and revolving credit facilities for an aggregate principal amount of $100.0 million (the “First Lien Revolvers”), with a sublimit of $30.0 million for letters of credit under the First Lien Revolvers. The Company received proceeds of $997.5 million, net of debt discount of $2.5 million, related to the First Lien Term Loan.

In February 2020, the Company refinanced its long-term debt and entered into the First Amendment to the First Lien Credit Agreement (“First Lien Amendment”). The proceeds of the refinance were used to repay the outstanding balance of the Company's Second Lien Credit Agreement, entered into in April 2017.

The First Lien Amendment provided an incremental term loan in the amount of $375.0 million. The Company received proceeds from the incremental term loan of $373.1 million, net of debt discount of $1.9 million.

In addition, the First Lien Amendment reduced the amount of commitments under the First Lien Revolvers to an aggregate principal amount of $91.3 million. The First Lien Revolvers continued to have a sublimit of $30.0 million for letters of credit.

The Company incurred $27.6 million and $3.4 million in financing costs related to the First Lien Credit Agreement and First Lien Amendment, respectively. These costs were recorded to a contra debt account and were being amortized to interest expense over the term of the First Lien Credit Agreement using the effective interest method.

The First Lien Term Loan required (after giving effect to the First Lien Amendment) quarterly principal payments of approximately $3.5 million until March 31, 2024, with the remaining outstanding principal amount required to be paid on the maturity date, April 27, 2024. The First Lien Term Loan required 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 First Lien Credit Agreement. When a principal prepayment was required, the prepayment offset the future quarterly principal payments of the same amount. As of December

31, 2020, subject to the request of the lenders of the First Lien Term Loan, a principal prepayment of up to $21.9 million was required. In April 2021, the Company made a principal prepayment of $1.5 million to those lenders who made such a request.

Using a portion of the proceeds of the Business Combination, the Company made a principal prepayment of $525.0 million on July 30, 2021. Subsequently, in September 2021, using the proceeds from the Term B Loan provided in the 2021 Credit Agreement, the Company fully repaid the remaining $804.2 million of outstanding borrowings on the First Lien Term Loan.

Amounts outstanding under the First Lien Credit Agreement bore interest at a variable rate of LIBOR, plus up to 3.00% per annum based upon the Company’s leverage ratio, as defined in the First Lien Credit Agreement. A quarterly commitment fee of up to 0.50% was payable on the unused portion of the First Lien Revolvers.

During the three months ended March 31, 2021, the weighted-average interest rate on the outstanding borrowings under the First Lien Term Loan was 4.1%. The Company made interest payments of $13.4 million during the three months ended March 31, 2021.

Long-term debt as of March 31, 2022 and December 31, 2021, consists of the following (in thousands):


	March 31,			December 31,
	2022			2021
Term B Loan	$	798,000		$	800,000
Term B Loan—discount		(1,861	)		(1,926	)
Term B Loan—deferred financing fees		(9,143	)		(9,464	)
Term B Loan—net of discount & fees		786,996			788,610
Less: Current portion		(8,000	)		(8,000	)
Total long-term debt—net of current portion	$	778,996		$	780,610

Interest Rate Swaps—In June 2017, the Company entered into three floating to fixed interest rate swap agreements ("Swap Agreements") to reduce its exposure to the variability from future cash flows resulting from interest rate risk related to its floating rate long-term debt. In September 2021, the Company extinguished the Swap Agreements which were scheduled to expire in June 2022.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summarizes Revenue By Type of Service

The following table summarizes revenue by type of service for the three months ended March 31, 2022 and 2021 (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Software subscriptions	$	179,818	$	152,026
Other		7,005		5,763
Total revenues	$	186,823	$	157,789

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable–net as of March 31, 2022 and December 31, 2021, consists of the following (in thousands):


	March 31,			December 31,
	2022			2021
Accounts receivable	$	80,907		$	82,584
Allowance for doubtful accounts and sales reserves		(4,161	)		(3,791	)
Accounts receivable–net	$	76,746		$	78,793

Schedule of Changes to the Allowance for Doubtful Accounts and Sales Reserves

Changes to the allowance for doubtful accounts and sales reserves during the three months ended March 31, 2022 and 2021, consists of the following (in thousands):


	For the Three Months Ended
	March 31,
	2022			2021
Balance at beginning of period	$	3,791		$	4,224
Charges to bad debt and sales reserves		1,232			1,066
Write-offs, net		(862	)		(1,359	)
Balance at end of period	$	4,161		$	3,931

Net Income (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from the computation of earnings per share	110,393	18,091,415
Sponsor Vesting Shares [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted Average Number Diluted Shares Outstanding Adjustment	8,625,000

Redeemable Non-Controlling Interest - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Stock issued during period, value, new issues	$ 1,007
Redeemable noncontrolling interest, equity, carrying amount		$ 14,179	$ 14,179

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Payables And Accruals [Line Items]

Schedule Of Accrued Expenses

Accrued expenses as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Compensation	$	32,666	$	49,510
Professional services		3,396		2,371
Software license agreement		3,270		3,265
Sales tax		2,949		2,296
Royalties and licenses		2,822		2,640
Employee insurance benefits		2,136		2,443
Other		3,018		4,166
Total	$	50,257	$	66,691

Goodwill and Intangible Assets - Summary of Intangible Assets Balance (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,487,995	$ 1,483,194
Accumulated Amortization	(485,190)	(460,415)
Net Carrying Amount	1,002,805	1,022,779
Intangible assets, Gross Carrying Amount	1,678,465	1,673,664
Intangible assets, Net Carrying Amount	1,193,275	1,213,249
Trademarks—indefinite life, Accumulated Amortization	(485,190)	(460,415)
Trademarks [Member]
Schedule Of Intangible Assets [Line Items]
Indefinite life intangible assets	190,470	190,470
Intangible assets, Net Carrying Amount	190,470	$ 190,470
Customer Relationships [Member]
Schedule Of Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life (Years)		13 years 3 months 18 days
Gross Carrying Amount	1,299,750	$ 1,299,750
Accumulated Amortization	(355,897)	(337,831)
Net Carrying Amount	943,853	$ 961,919
Acquired Technologies [Member]
Schedule Of Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life (Years)		2 years 3 months 18 days
Gross Carrying Amount	187,965	$ 183,164
Accumulated Amortization	(129,013)	(122,318)
Net Carrying Amount	$ 58,952	$ 60,846
Favorable Lease Terms [Member]
Schedule Of Intangible Assets [Line Items]
Weighted- Average Remaining Useful Life (Years)		3 months 18 days
Gross Carrying Amount		$ 280
Accumulated Amortization		(266)
Net Carrying Amount		$ 14
Subsidiaries [Member] \| Customer Relationships [Member] \| Maximum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Life (Years)	18 years	18 years
Subsidiaries [Member] \| Customer Relationships [Member] \| Minimum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Life (Years)	16 years	16 years
Subsidiaries [Member] \| Acquired Technologies [Member] \| Maximum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Life (Years)	7 years	7 years
Subsidiaries [Member] \| Acquired Technologies [Member] \| Minimum [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Life (Years)	3 years	3 years
Subsidiaries [Member] \| Favorable Lease Terms [Member]
Schedule Of Intangible Assets [Line Items]
Estimated Useful Life (Years)		6 years

Business Acquisition - Schedule of Business Acquisition by Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Business Combinations [Abstract]
Cash paid through closing	$ 32,300
Fair value of contingent earnout consideration	200
Total acquisition date fair value of the consideration transferred	$ 32,500

Software, Equipment, And Property - Schedule of Software,Equipment and Property (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total software, equipment, and property	$ 221,153	$ 217,460
Less accumulated depreciation and amortization	(81,352)	(81,615)
Net software, equipment, and property	139,801	135,845
Software, Licenses and Database [Member]
Property, Plant and Equipment [Line Items]
Total software, equipment, and property	148,097	140,692
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total software, equipment, and property	32,558	34,880
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total software, equipment, and property	32,248	31,635
Furniture and Other Equipment [Member]
Property, Plant and Equipment [Line Items]
Total software, equipment, and property	3,340	5,343
Building and Land [Member]
Property, Plant and Equipment [Line Items]
Total software, equipment, and property	$ 4,910	$ 4,910

Stock Incentive Plans - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based arrangement options vested during the period aggregate fair value \| $	$ 1.7
Share based compensation by share based arrangement unrecognised compensation for options unvested \| $	$ 105.6
Ccc2021 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	6,031,714
Number of shares sold under plan	0
Ccc2021 Employee Stock Purchase Plan [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares reserved for sale under plan increases on beginning of period percentage of total number of shares outstanding or lessor amount	1.00%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	14,315,680
Restricted Stock Units (RSUs) [Member] \| Time Based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	12,966,746
Restricted Stock Units (RSUs) [Member] \| Performance And Market Based Vesting Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	674,443
Restricted Stock Units (RSUs) [Member] \| Performance Based Vesting Requirements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	674,491
Common Class B [Member] \| Performance And Market Based Vesting Conditions [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based arrangement unrecognised compensation for options unvested remaining period for recognition	3 years 7 months 6 days
Common Class B [Member] \| Time Based Vesting [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based arrangement unrecognised compensation for options unvested \| $	$ 214.7

Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2022

Prepaid Expense And Other Assets Current [Line Items]

Schedule of Other Current Assets

Other current assets as of March 31, 2022 and December 31, 2021, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Non-trade receivables	$	9,409	$	8,321
Prepaid service fees		8,457		8,623
Prepaid software and equipment maintenance		6,241		7,593
Prepaid SaaS costs		5,344		5,909
Prepaid insurance		2,513		4,416
Other		12,049		11,319
Total	$	44,013	$	46,181

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition—The Company’s revenue recognition policy follows guidance from Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

The Company determines revenue recognition based on the application of the following steps:

•

Identification of the contract, or contracts, with a customer

•

Identification of the performance obligation(s) in the contract

•

Determination of the transaction price

•

Allocation of the transaction price to the performance obligation(s) in the contract

•

Recognition of revenue when, or as a performance obligation is satisfied

The following table summarizes revenue by type of service for the three months ended March 31, 2022 and 2021 (in thousands):


	For the Three Months Ended
	March 31,
	2022		2021
Software subscriptions	$	179,818	$	152,026
Other		7,005		5,763
Total revenues	$	186,823	$	157,789

The fair value of the Company’s stock options with only a time-based component is estimated using the Black-Scholes option pricing model.

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 60,542	$ 62,478
Contingent consideration related to business acquisition [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	200
Private Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	60,342	62,478
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Level 1 \| Contingent consideration related to business acquisition [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0
Level 1 \| Private Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	60,342	62,478
Level 2 \| Contingent consideration related to business acquisition [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	0
Level 2 \| Private Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	60,342	62,478
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	200	0
Level 3 \| Contingent consideration related to business acquisition [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	200
Level 3 \| Private Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ 0	$ 0

Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity - USD ($)	Total	Noncontrolling Interest [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2020	$ 1,371,615,000			$ 50,000	$ 1,501,206,000	$ (129,370,000)	$ (271,000)
Balance Balance, Shares at Dec. 31, 2020				504,274,890
Beginning Balance , Redeemable Non-Controlling Interest at Dec. 31, 2020		$ 14,179,000
Issuance of common stock	1,007,000				1,007,000
Issuance of common stock (Shares)				110,679
Stock-based compensation expense	11,838,000				11,838,000
Stock-based compensation expense, Shares				883,729
Exercise of stock options—net of tax	444,000				444,000
Exercise of stock options—net of tax , Shares				161,080
Dividend to CCCIS stockholders	(134,551,000)					(134,551,000)
Foreign currency translation adjustment	7,000						7,000
Net loss (income)	(5,084,000)					(5,084,000)
Ending Balance , Redeemable Non-Controlling Interest at Mar. 31, 2021		14,179,000
Ending Balance at Mar. 31, 2021	1,245,276,000		$ 0	$ 50,000	1,514,495,000	(269,005,000)	(264,000)
Ending Balance, Shares at Mar. 31, 2021				505,430,378
Beginning Balance at Dec. 31, 2021	1,872,318,000			$ 61,000	2,618,924,000	(746,352,000)	(315,000)
Balance Balance, Shares at Dec. 31, 2021				609,768,296
Beginning Balance , Redeemable Non-Controlling Interest at Dec. 31, 2021	14,179,000	14,179,000
Stock-based compensation expense	23,644,000				23,644,000
Exercise of stock options—net of tax	10,633,000				10,633,000
Exercise of stock options—net of tax , Shares				3,961,270
Exercise of Warrants-Net, Shares				1,246
Issuance of common stock upon vesting of RSUs-net of tax				$ 27,314
Foreign currency translation adjustment	9,000						9,000
Net loss (income)	11,975,000					11,975,000
Ending Balance , Redeemable Non-Controlling Interest at Mar. 31, 2022	14,179,000	$ 14,179,000
Ending Balance at Mar. 31, 2022	$ 1,918,579,000			$ 61,000	$ 2,653,201,000	$ (734,377,000)	$ (306,000)
Ending Balance, Shares at Mar. 31, 2022				613,758,126

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The valuation of the Private Warrants as of March 31, 2022 was determined using the Black-Scholes option pricing model using the following assumptions:


Expected term (in years)		4.3
Expected volatility		35	%
Expected dividend yield		0	%
Risk-free interest rate		2.43	%
Fair value at valuation date	$	3.39

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at March 31, 2022 (in thousands):


Liabilities	Fair Value		Level 1		Level 2		Level 3
Contingent consideration related to business acquisition	$	200	$	—	$	—	$	200
Private warrants		60,342		—		60,342		—
Total	$	60,542	$	—	$	60,342	$	200

The following table presents the fair value of the assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands):


Liabilities	Fair Value		Level 1		Level 2		Level 3
Private warrants	$	62,478	$	—	$	62,478	$	—
Total	$	62,478	$	—	$	62,478	$	—

Summary of Carrying Amounts and Estimated Fair Value of the Financial Instruments

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


	March 31, 2022				December 31, 2021
	Carrying		Estimated		Carrying		Estimated
Description	Amount		Fair Value		Amount		Fair Value
Term B Loan, including current portion	$	796,139	$	791,018	$	798,073	$	799,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Line Items]
Income tax payment	$ 5	$ 3,900
Effective tax rate	(7.80%)	37.70%
Unrecognized tax benefits period increase	$ 3,400
Internal Revenue Service (IRS) [Member]
Income Tax Disclosure [Line Items]
Income tax refund received	$ 50	$ 16

Segment Information And Information About Geographic Areas

3 Months Ended

Mar. 31, 2022

Revenues from External Customers and Long-Lived Assets [Line Items]

Segment Information And Information About Geographic Areas

23.

SEGMENT INFORMATION and information about geographic areas

The Company operates in one operating segment. The chief operating decision maker for the Company is the chief executive officer. The chief executive officer reviews financial information presented on a consolidated basis, accompanied by information about revenue by type of service and geographic region, for purposes of allocating resources and evaluating financial performance.

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


	For the Three Months Ended
	March 31,
	2022		2021
United States	$	184,839	$	155,986
China		1,984		1,803
Total revenues	$	186,823	$	157,789

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


	March 31,		December 31,
	2022		2021
United States	$	139,749	$	135,784
China		52		61
Total software, equipment and property-net	$	139,801	$	135,845

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]

Net Income (Loss) Per Share

22.

NET INCOME (LOSS) PER SHARE

The Company calculates basic earnings per share by dividing the net income (loss) 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 8,625,000 Sponsor Vesting Shares that are issued and outstanding at March 31, 2022 are excluded from the weighted average number of shares of common stock outstanding until the vesting requirement is met and the restriction is removed.


	For the Three Months Ended
	March 31,
	2022		2021
Numerator
Net income (loss)	$	11,975	$	(5,084	)
Denominator
Weighted average shares of common stock - basic		603,104,839		505,072,914
Dilutive effect of stock-based awards		37,923,571		—
Weighted average shares of common stock - diluted		641,028,410		505,072,914
Net income (loss) per share:
Basic	$	0.02	$	(0.01	)
Diluted	$	0.02	$	(0.01	)

Common stock equivalent shares of approximately 110,393 and 18,091,415 were excluded from the computation of diluted per share amounts for the three months ended March 31, 2022 and 2021, respectively, because their effect was anti-dilutive.