CCC Intelligent Solutions Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Published: 2025-02-25 16:12:03 ET CCCS

CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NASDAQ: CCCS), a leading cloud platform provider for the P&C insurance economy, today announced its financial results for the three months and year ended December 31, 2024.

“CCC delivered another year of solid financial performance, with year-over-year revenue growth in 2024 of 9% and adjusted EBITDA margin of 42%. We made significant investments in 2024 to deliver AI-based innovation and operational performance to our customers, introducing the largest number of new solutions in CCC’s history while continuing to expand our multi-sided network,” said Githesh Ramamurthy, Chairman & CEO of CCC.

“In addition to our investments in artificial intelligence and the CCC IX Cloud™ platform, our acquisition of EvolutionIQ helps to accelerate our vision of deploying intelligent experiences across the insurance economy,” continued Ramamurthy. “Positive customer feedback regarding these investments reinforces our confidence in our durable business model and long-term growth outlook.”

Fourth Quarter 2024 Financial Highlights

Revenue

Profitability

Full Year 2024 Financial Highlights

Revenue

Profitability

Liquidity

The information presented above includes non-GAAP financial measures such as “adjusted EBITDA,” “adjusted net income,” “adjusted EBITDA margin,” “adjusted operating income,” “adjusted gross profit,” “adjusted gross profit margin,” and “free cash flow.” Refer to “Non-GAAP Financial Measures” for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

4th Quarter and Recent Business Highlights

Business Outlook

Based on information as of today, February 25, 2025, the Company is issuing the following financial guidance:

First Quarter Fiscal 2025

Full Year Fiscal 2025

Revenue

249.0 million to $250.5 million

1.055 billion to $1.065 billion

Adjusted EBITDA

92.5 million to $94.0 million

417.0 million to $427.0 million

Conference Call Information

CCC will host a conference call today, February 25, 2025, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and financial guidance. A live webcast of this conference call will be available on the “Investor Relations” page of the Company’s website at https://ir.cccis.com, and a replay will be archived on the website as well.

About CCC Intelligent Solutions

CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading cloud platform provider for the multi-trillion-dollar P&C insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud™ platform, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep lives moving forward when it matters most. Learn more about CCC at www.cccis.com.

Forward Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, future events, goals, plans and projections regarding the Company’s financial position, results of operations, market position, product development and business strategy. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, our revenues, the concentration of our customers and the ability to retain our current customers; our ability to negotiate with our customers on favorable terms; our ability to maintain and grow our brand and reputation cost-effectively; the execution of our growth strategy; the impact of public health outbreaks, epidemics or pandemics on our business and results of operations; our projected financial information, growth rate and market opportunity; the health of our industry, claim volumes, and market conditions; changes in the insurance and automotive collision industries, including the adoption of new technologies; global economic conditions and geopolitical events; competition in our market and our ability to retain and grow market share; our ability to develop, introduce and market new enhanced versions of our solutions; our sales and implementation cycles; the ability of our research and development efforts to create significant new revenue streams; changes in applicable laws or regulations; changes in international economic, political, social and governmental conditions and policies, including corruption risks in China and other countries; our reliance on third-party data, technology and intellectual property; changes in our customers’ or the public’s perceptions regarding the use of artificial intelligence; our ability to protect our intellectual property; our ability to keep our data and information systems secure from data security breaches; our ability to acquire or invest in companies or pursue business partnerships; our ability to raise financing in the future and improve our capital structure; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our ability to expand or maintain our existing customer base; our ability to service our indebtedness; and other risks and uncertainties, including those included under the header “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”), which can be obtained, without charge, at the SEC’s website (www.sec.gov), and in our other filings with the SEC. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

This press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including, but not limited to, “adjusted EBITDA,” “adjusted net income,” “adjusted operating income,” “adjusted EBITDA margin,” “adjusted gross profit,” “adjusted gross profit margin,” “adjusted operating expenses,” and “free cash flow” in each case presented on a non-GAAP basis, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s calculation of these non-GAAP measures may not be comparable to similarly-titled measures used by other companies.

The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to the reconciliations of these measures below to what the Company believes are the most directly comparable measures evaluated in accordance with GAAP.

This press release also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included for these projections.

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2024 AND 2023

(In thousands, except share data)

December 31,

2024

2023

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

398,983

195,572

Accounts receivable—Net of allowances of $4,692 and $5,574 as of December 31, 2024 and 2023, respectively

106,578

102,365

Income taxes receivable

7,743

1,798

Deferred contract costs

22,373

17,900

Other current assets

28,973

32,364

Total current assets

564,650

349,999

SOFTWARE, EQUIPMENT, AND PROPERTY—Net

172,079

160,416

OPERATING LEASE ASSETS

29,762

30,456

INTANGIBLE ASSETS—Net

934,278

1,015,046

GOODWILL

1,417,724

DEFERRED FINANCING FEES, REVOLVER—Net

1,743

1,672

DEFERRED CONTRACT COSTS

18,692

22,302

EQUITY METHOD INVESTMENT

10,228

OTHER ASSETS

34,062

43,197

TOTAL

3,183,218

3,051,040

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

18,393

16,324

Accrued expenses

72,543

71,478

Income taxes payable

3,689

Current portion of long-term debt

8,000

Current portion of long-term licensing agreement—Net

3,257

3,061

Operating lease liabilities

7,658

6,788

Deferred revenues

44,915

43,567

Total current liabilities

154,846

152,907

LONG-TERM DEBT—Net

761,053

767,504

DEFERRED INCOME TAXES—Net

164,844

195,365

LONG-TERM LICENSING AGREEMENT—Net

24,435

27,692

OPERATING LEASE LIABILITIES

47,235

50,796

WARRANT LIABILITIES

—

51,501

OTHER LIABILITIES

11,303

6,414

Total liabilities

1,163,716

1,252,179

COMMITMENTS AND CONTINGENCIES (Notes 22 and 23)

MEZZANINE EQUITY:

Redeemable non-controlling interest

21,679

16,584

STOCKHOLDERS’ EQUITY:

Preferred stock—$0.0001 par; 100,000,000 shares authorized; no shares issued or outstanding

—

Common stock—$0.0001 par; 5,000,000,000 shares authorized; 629,207,115 and 603,128,781 shares issued and outstanding at December 31, 2024 and 2023, respectively

Additional paid-in capital

3,094,182

2,909,757

Accumulated deficit

(1,095,227

)

(1,126,467

)

Accumulated other comprehensive loss

(1,195

)

(1,073

)

Total stockholders’ equity

1,997,823

1,782,277

TOTAL

3,183,218

3,051,040

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except share and per share data)

(Unaudited)

Three months ended December 31,

Year ended December 31,

2024

2023

2024

2023

REVENUES

246,464

228,601

944,800

866,378

COST OF REVENUES

Cost of revenues, exclusive of amortization and impairment of acquired technologies

61,068

49,370

221,997

203,324

Amortization of acquired technologies

172

6,567

9,000

26,464

Impairment of acquired technologies

—

431

Total cost of revenues (1)

61,240

55,937

230,997

230,219

GROSS PROFIT

185,224

172,664

713,803

636,159

OPERATING EXPENSES:

Research and development (1)

53,238

45,215

201,493

173,106

Selling and marketing (1)

35,963

35,779

142,217

140,851

General and administrative (1)

56,973

54,367

218,220

191,844

Amortization of intangible assets

17,942

71,768

71,972

Impairment of goodwill

—

77,405

Impairment of intangible assets

—

4,906

Total operating expenses

164,116

153,303

633,698

660,084

OPERATING INCOME (LOSS)

21,108

19,361

80,105

(23,925

)

INTEREST EXPENSE

(15,174

)

(16,652

)

(64,608

)

(63,577

)

INTEREST INCOME

3,768

3,806

12,203

16,252

CHANGE IN FAIR VALUE OF WARRANT LIABILITIES

—

30,308

14,378

(15,096

)

OTHER INCOME (EXPENSE)—Net

630

(3,761

)

2,236

1,799

PRETAX INCOME (LOSS)

10,332

33,062

44,314

(84,547

)

INCOME TAX PROVISION

(4,072

)

(6,770

)

(13,074

)

(5,524

)

NET INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST

6,260

26,292

31,240

(90,071

)

LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST

(1,412

)

(1,080

)

(5,095

)

(2,405

)

NET INCOME (LOSS) ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.'S COMMON STOCKHOLDERS

4,848

25,212

26,145

(92,476

)

Net income (loss) per share attributable to common stockholders:

Basic

0.01

0.04

(0.15

)

Diluted (2)

0.01

(0.01

)

0.04

(0.15

)

Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:

Basic

618,767,992

609,128,048

610,761,424

617,889,384

Diluted

648,544,705

609,387,346

641,875,525

617,889,384

COMPREHENSIVE INCOME (LOSS):

Net income (loss) including non-controlling interest

6,260

26,292

31,240

(90,071

)

Other comprehensive income (loss)—Foreign currency translation adjustment

(148

)

(122

)

(189

)

COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST

6,112

26,377

31,118

(90,260

)

Less: accretion of redeemable non-controlling interest

(1,412

)

(1,080

)

(5,095

)

(2,405

)

COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST

4,700

25,297

26,023

(92,665

)

(1) Includes stock-based compensation expense as follows (in thousands):

Three months ended December 31,

Year Ended December 31,

2024

2023

2024

2023

Cost of revenues

2,291

2,207

9,342

8,802

Research and development

12,441

6,634

47,191

25,467

Sales and marketing

8,933

7,940

28,083

33,204

General and administrative

20,152

23,266

86,422

77,045

Total stock-based compensation expense

43,817

40,047

171,038

144,518

(2) The following table sets forth a reconciliation of the numerator and denominator used to compute diluted earnings per share of common stock (in thousands, except for share data):

Three months ended December 31,

Year Ended December 31,

2024

2023

2024

2023

Numerator

Net income (loss)

6,260

26,292

31,240

(90,071

)

Accretion of redeemable non-controlling interest

(1,412

)

(1,080

)

(5,095

)

(2,405

)

Change in fair value of in-the-money warrant liabilities

—

(30,308

)

—

Net income (loss) attributable to common stockholders

4,848

(5,096

)

26,145

(92,476

)

Denominator

Weighted average shares of common stock - basic

618,767,992

609,128,048

610,761,424

617,889,384

Dilutive effect of stock-based awards

29,776,713

—

31,114,101

—

Dilutive effect of assumed conversion of warrants

—

259,298

—

Weighted average shares of common stock - diluted

648,544,705

609,387,346

641,875,525

617,889,384

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

(In thousands)

Year ended December 31,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

31,240

(90,071

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization of software, equipment, and property

42,908

36,902

Amortization of intangible assets

80,768

98,436

Impairment of goodwill and intangible assets

—

82,742

Deferred income taxes

(30,521

)

(46,333

)

Stock-based compensation

171,038

144,518

Amortization of deferred financing fees

1,871

1,753

Amortization of discount on debt

261

233

Change in fair value of derivative instruments

5,233

5,743

Change in fair value of warrant liabilities

(14,378

)

15,096

Change in fair value of estimated contingent consideration

(100

)

—

Non-cash lease expense

—

1,232

Loss on disposal of software, equipment and property

302

Other

221

620

Changes in:

Accounts receivable—Net

(4,196

)

(4,001

)

Deferred contract costs

(4,473

)

(1,344

)

Other current assets

4,319

4,046

Deferred contract costs—Non-current

3,610

(2,141

)

Other assets

2,771

(3,649

)

Operating lease assets

2,301

1,186

Income taxes

(7,147

)

4,984

Accounts payable

2,070

(11,270

)

Accrued expenses

797

1,041

Operating lease liabilities

(4,298

)

(2,145

)

Deferred revenues

1,355

8,321

Other liabilities

(2,066

)

4,055

Net cash provided by operating activities

283,886

250,033

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of software, equipment, and property

(53,012

)

(55,032

)

Net cash used in investing activities

(53,012

)

(55,032

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from exercise of stock options

33,506

25,381

Proceeds from employee stock purchase plan

5,745

4,761

Principal payments on long-term debt

(8,000

)

(8,000

)

Payments for employee taxes withheld upon vesting of equity awards

(57,826

)

(16,715

)

Payment of fees associated with the revolver debt modification

(719

)

—

Repurchase of common stock

—

(328,453

)

Net cash used in financing activities

(27,294

)

(323,026

)

NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(169

)

(191

)

NET CHANGE IN CASH AND CASH EQUIVALENTS

203,411

(128,216

)

CASH AND CASH EQUIVALENTS:

Beginning of period

195,572

323,788

End of period

398,983

195,572

NONCASH INVESTING AND FINANCING ACTIVITIES:

Noncash purchases of software, equipment, and property

7,154

2,044

Fair value of redemmed private warrants

37,122

—

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid for interest

62,898

61,367

Cash paid for income taxes—Net

50,742

42,948

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT

(In thousands, except profit margin percentage data)

(Unaudited)

Three months ended December 31,

Year ended December 31,

(dollar amounts in thousands)

2024

2023

2024

2023

Gross Profit

185,224

172,664

713,803

636,159

Amortization of acquired technologies

172

6,567

9,000

26,464

Stock-based compensation and related employer payroll tax

2,326

2,223

9,943

9,129

Impairment of acquired technologies

—

431

Adjusted Gross Profit

187,722

181,454

732,746

672,183

Gross Profit Margin

Adjusted Gross Profit Margin

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES

(In thousands)

(Unaudited)

Three months ended December 31,

Year ended December 31,

(dollar amounts in thousands)

2024

2023

2024

2023

Operating expenses

164,116

153,303

633,698

660,084

Amortization of intangible assets

(17,942

)

(17,942

)

(71,768

)

(71,972

)

Stock-based compensation expense and related employer payroll tax

(42,038

)

(38,001

)

(167,865

)

(138,578

)

M&A and integration costs

(7,317

)

(3,372

)

(9,193

)

(3,372

)

Litigation costs

(642

)

(1,150

)

(4,455

)

(5,068

)

Equity transaction costs, including secondary offerings

(1,461

)

(2,031

)

(1,938

)

(2,031

)

Change in fair value of contingent consideration

100

—

100

—

Goodwill and intangible asset impairment charges

—

(82,311

)

Adjusted operating expenses

94,816

90,807

378,579

356,752

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME

(In thousands)

(Unaudited)

Three months ended December 31,

Year ended December 31,

(dollar amounts in thousands)

2024

2023

2024

2023

Operating income (loss)

21,108

19,361

80,105

(23,925

)

Amortization of intangible assets

17,942

71,768

71,972

Amortization of acquired technologies—Cost of revenue

172

6,567

9,000

26,464

Stock-based compensation expense and related employer payroll tax

44,364

40,224

177,808

147,707

M&A and integration costs

8,716

3,372

9,193

3,372

Litigation costs

642

1,150

4,455

5,068

Equity transaction costs, including secondary offerings

2,031

1,938

2,031

Change in fair value of contingent consideration

(100

)

—

(100

)

—

Goodwill and intangible asset impairment charges

—

82,742

Adjusted operating income

92,906

90,647

354,167

315,431

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA

(In thousands, except for EBITDA margin percentage data)

(Unaudited)

Three months ended December 31,

Year ended December 31,

(dollar amounts in thousands)

2024

2023

2024

2023

Net income (loss)

6,260

26,292

31,240

(90,071

)

Interest expense

15,174

16,652

64,608

63,577

Interest income

(3,768

)

(3,806

)

(12,203

)

(16,252

)

Income tax provision

4,072

6,770

13,074

5,524

Amortization of intangible assets

17,942

71,768

71,972

Amortization of acquired technologies—Cost of revenue

172

6,567

9,000

26,464

Depreciation and amortization related to software, equipment and property

2,319

2,046

8,774

8,577

Depreciation and amortization related to software, equipment and property—Cost of revenue

11,069

6,831

34,134

28,325

Stock-based compensation expense and related employer payroll tax

44,364

40,224

177,808

147,707

M&A and integration costs

8,716

3,372

9,193

3,372

Litigation costs

642

1,150

4,455

5,068

Equity transaction costs, including secondary offering costs

2,031

1,938

2,031

Change in fair value of contingent consideration

(100

)

—

(100

)

—

Change in fair value of warrant liabilities

—

(30,308

)

(14,378

)

15,096

Change in fair value of derivative instruments

458

6,306

5,233

5,743

Income from derivative instruments

(1,073

)

(2,016

)

(7,167

)

(6,460

)

Goodwill and intangible asset impairment charges

—

82,742

Adjusted EBITDA

106,309

100,053

397,377

353,415

Adjusted EBITDA Margin

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME

(In thousands, except share and per share data)

(Unaudited)

Three months ended December 31,

Year ended December 31,

(dollar amounts in thousands)

2024

2023

2024

2023

Net income (loss)

6,260

26,292

31,240

(90,071

)

Amortization of intangible assets

17,942

71,768

71,972

Amortization of acquired technologies—Cost of revenue

172

6,567

9,000

26,464

Stock-based compensation expense and related employer payroll tax

44,364

40,224

177,808

147,707

M&A and integration costs

8,716

3,372

9,193

3,372

Litigation costs

642

1,150

4,455

5,068

Equity transaction costs, including secondary offering costs

2,031

1,938

2,031

Change in fair value of contingent consideration

(100

)

—

(100

)

—

Change in fair value of warrant liabilities

—

(30,308

)

(14,378

)

15,096

Change in fair value of derivative instruments

458

6,306

5,233

5,743

Goodwill and intangible asset impairment charges

—

82,742

Tax effect of adjustments

(14,002

)

(14,584

)

(58,086

)

(59,638

)

Adjusted net income

64,514

58,992

238,071

210,486

Adjusted net income per share attributable to common stockholders:

Basic

0.10

0.39

0.34

Diluted

0.10

0.09

0.37

0.32

Weighted average shares outstanding:

Basic

618,767,992

609,128,048

610,761,424

617,889,384

Diluted

648,544,705

649,260,826

641,875,525

651,587,360

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

RECONCILIATION OF NET CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW

(In thousands)

(Unaudited)

Three months ended December 31,

Year ended December 31,

(dollar amounts in thousands)

2024

2023

2024

2023

Net cash provided by operating activities

113,645

86,895

283,886

250,033

Less: Purchases of software, equipment and property

(7,939

)

(11,845

)

(53,012

)

(55,032

)

Free Cash Flow

105,706

75,050

230,874

195,001

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