CCC 目前被低估，市现率（P/OCF）约为 10 倍；增速放缓至约 10% 解释了这一折价，但 96% 的高经常性收入与稳健的利润率支撑其业务逻辑。
逐段跳播
而CCC，也就是这个领域最重要的数据公司之一，发现以未投保或投保不足的机动车责任险索赔形式出现的第三方索赔占比在三四年间几乎翻了一倍。到去年年底达到了16%。
and CCC which is one of the you know most important data companies in this field found that the share of third party claims coming in as uninsured or underinsured motorist claims have nearly doubled in three or four years time. So hitting 16% at the end of last year.
我还有一点是，CCC还估计大约四分之一的维修现在是自费的，也就是说车主自己修，而不是通过保险公司。
and one more that I have is that CCC also reckons about a quarter of repairs and now self-pay meaning that the driver just fixes it themselves rather than involving the insurer.
而且，坦白说，这是一家我了解甚少的公司，但听起来它或许能在Copart业务的数据方面提供帮助，所以这笔交易可能与Adair在7月与投资者通话时那些含糊评论中的某一条有关。
and admittedly it's a company I know very little about but it sounds like perhaps it could help with the data aspect of Copart's business and so the deal might be related to one of these vague comments that Adair made in his July call with investors.
但它们不是唯一的竞购方。它们基本上要与几家私募股权公司竞争，包括GTCR和Veritus Capital。关于了解CCC以及它们实际做什么。我今天其实间接提到过它们好几次。我不知道你是否意识到这一点，但我在这里引用的许多数据点都来自CCC。
But they're not the only bidder. They are basically up against a couple of private equity firms including GTCR and Veritus Capital. about um getting to CCC and what they actually do.
I've actually indirectly mentioned them today a couple of times. I don't know if you if you realize that, but many of the data points I cited here came from CCC.
基本上，这是一家1980年在芝加哥成立的公司，它们搭建了一层软件，位于车祸后所有相关方之间。所以如果你主要是在美国撞了车，那么决定车辆是维修还是报废的定损，很有可能就是在CCC的软件中生成的。
So basically, it's a company that was founded in 1980 in Chicago and yeah, they built a software layer that sits between everyone involved after a car accident. So if you crash your car in the US primarily, there's a very high chance that the estimate determining whether it gets repaired or written off is generated in CCC's software.
它们拥有大约300家保险公司客户，包括前30大中的27家。所以基本上所有大型保险公司都是它们的客户。然后它们还有大约3万家维修店、数千家零部件供应商，再加上汽车制造商。
And they have something like 300 insurance companies, including 27 of the top 30. So basically all of the big insurance companies are their customers. And then they have something like 30k repair shops, thousands of parts suppliers, plus you know, the car manufacturers.
它们拥有一个庞大的数据库，我读到的是超过3亿条历史索赔记录，这正是其定损如此准确的原因。也正因如此，它们的数据对像Copart这样的公司才如此重要。
And they've got a huge data library of, you know, I read more than 300 million historical claims, which is what makes the damage estimates so accurate. And also their data so important for companies like Copart, for example.
我还没有机会深入研究CCC具体做什么，以及如果这样一笔交易真的发生，可能会产生哪些协同效应。我确实看到了Copa许多可能的优势，这些优势与改变算法无关，或者至少关系很小。
I haven't yet had a chance to actually deeply research what CCC does and what the potential synergies were if something like that deal would actually happen. I do see many possible advantages for Copa that have nothing or at least very little to do with changing the algorithms.
即使我们假设我提到的其中一些事情因监管方面的顾虑而无法实现，你仍然会得到一家营收约10亿美元、96%为经常性订阅收入、现金流利润率处于低两位数百分比的业务，你知道，到那时这些数字是按股权激励费用调整后的，而且我认为它们未来有实现更高利润率的潜力。
even if we would assume that some of these things that I mentioned wouldn't be possible given regulatory concerns I mean you would still get a business that has about a billion dollars in revenue 96% recurring subscriptions low teen cash flow margins which you know at that point they are adjusted for SBC and I think they have some potential of seeing higher margins in the future
而且我认为目前CCC的股价在过去一年下跌了约27%，接近30%，其经营现金流市盈率已从超过30倍降至约10倍。
And I think currently CCC's stock is down about 27 so close to 30% over the past year and price to operating cash flow has declined from over 30 to about 10 times.
它之所以这么便宜，是因为我们经常谈到的那一点，营收增长已放缓至约10%。在此之前它的增长更快。
And the reason it is that cheap is well we talk about it so often the topline growth has slowed to around 10%. It was a faster grower before that.
这个频道对 $CCC 的历次判断
The Intrinsic Value Podcast 在这只股票上只有这一条判断。