Adjusted EBITDA was $108 million, up 13% year-over-year, with a margin of 42%, above the high end of guidance.
Adjusted gross profit was $203 million with a margin of 78%, flat year-over-year but up from last quarter.
Adjusted operating expenses were $108 million, up 13% year-over-year including EvolutionIQ acquisition; excluding EvolutionIQ, expenses declined 1%.
CCC delivered strong Q2 2025 results with total revenue of $260.5 million, up 12% year-over-year, exceeding guidance.
Completed open market repurchase of 11 million shares for $100 million in Q2; year-to-date 18 million shares for $172 million repurchased.
Free cash flow was $27 million in Q2, down from $36 million prior year due to working capital timing and EvolutionIQ losses; trailing 12-month free cash flow was $226 million, up 15%.
Industry claim volumes declined 8% year-over-year, representing a 1 point headwind to growth, consistent with Q1.
Net leverage ended at 2.3x adjusted EBITDA with $55 million cash and $996 million debt.
Software gross dollar retention (GDR) was 99%, and net dollar retention (NDR) was 107%, both stable and including EvolutionIQ.
Capital expenditures were $0.2 million, in line with expectations.
Convertible notes outstanding are approximately $33 million, convertible at $1.60 per share, with the first payment due September 1, 2025.
MicroVision reported Q2 2025 revenues of $0.15 million, primarily driven by sales in the industrial verticals.
Raised approximately $35 million net from ATM during Q2, extending runway into 2027.
R&D and SG&A expenses for Q2 2025 were $14.1 million, including $3.4 million of noncash charges; cash expenses were $11 million, representing a 44% year-over-year reduction.
The company ended Q2 2025 with $91.4 million in cash and cash equivalents, plus $76.5 million available under the ATM facility and $30 million undrawn under the convertible note facility.
Dafinchi